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11.28.07 brazil - Political science Brazil Current politics...

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Political science Brazil Current politics Fernando Collor de Mello beats Lula in runoff (1989) Congress voted to impeach Collor resigns Collor and aftermath Itamar Franco takes Collor’s place Appoints Fernando Henrique Cardoso as the finance minister July 1, 1994 – beginning of the Plano Real Change currency Tied to dollar so that it could not devalue, giving it an artificial strength When enacted, inflation was at 40% a month Fernando Henrique resigns to run for president Cardoso’s Presidency Privatized railways, mining, electricity, telecoms, banks, ports, and more (petrobras) Political reforms: if government payrolls take up more than 60% of revenue governors can fire employees (previously unable to fire state employees) Fiscal responsibility law After fiscal year, executive positions in state can go to jail if budget isn’t handled well Cardoso’s 2 nd term Despite heavy pressure on currency, Cardoso wins again in 1998
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