Word: cardosos
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...Brazil? The case shows that the country is still on a steady march towards fixing problems common to emerging markets. This march started in 1994 with the Plano Real, the monetary stabilization plan that ended Brazil’s inflation crisis as rates breached 2000 percent annually. Fernando Henrique Cardoso, the Finance Minister responsible for this plan, was elected president twice (1994-2002) and started a new era of commitment to responsible economic policy...
...addition to the well-known reforms in monetary policy, another Cardoso legacy was the restructuring of the Federal Revenue, which helped to ameliorate Brazil’s problem with tax collection. The FR beat collection records in all but the first of the Cardoso years. Just as Cardoso transformed the Federal Revenue, Lula is transforming the Federal Police. Today, the RF is a milestone in efficiency, even if it is still no IRS. The PF may be as successful, even if it falls short of FBI standards...
...been a revelation. When he was first elected in 2002, many U.S. experts on Latin America worried that he and his leftist Workers Party would trash Brazil's economy by pursuing socialist and populist policies. But Lula stuck to the market-oriented fiscal reforms of his predecessor, Fernando Henrique Cardoso. Those policies, plus a windfall from high global prices for Brazilian products like soybeans and steel, helped Lula tame the country's notorious hyperinflation and create a boom - growth will be 5% or more again this year...
...Lula, the odds-on favorite, is leading only because he has given large handouts to the country's poor. Even many of his supporters say they will vote for their erstwhile great hope with a heavy heart. "There are no messiahs any more," says former President Fernando Henrique Cardoso. "People don't believe there is anyone who can change the system and so they think it's not worth voting. The campaign to annul the vote is one of desperation...
...Paulo, Summers met with former Brazilian President Fernando Cardoso and also delivered a major speech...