TITLE

Saving Grace

AUTHOR(S)
Margolis, Mac
PUB. DATE
July 2005
SOURCE
Newsweek (Pacific Edition);7/4/2005 (Pacific Edition), Vol. 146 Issue 1, p36
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on Antonio Palocci, finance minister of Brazil, the biggest economy in Latin America, and anchor of a scandal-plagued government. Since late May the charismatic Brazilian president, Luiz Inacio Lula da Silva, has seen the tide of a corruption scandal drag down senior members of the ruling Workers Party (PT) and batter the fragile alliance of political parties that keeps his government afloat. Today Palocci, former mayor from the farm belt of Sao Paulo state, has emerged as a pillar of both the government and the Brazilian economy. Palocci has become Lula's most indispensable minister. Known for a cool head and a tight fist, he has toiled discreetly to keep inflation and public spending in check and the markets safe from meddling bureaucrats. While economic growth is slowing and the government still lives beyond its means, most analysts agree that Brazil is out of immediate danger. One huge advance is a new bankruptcy law .Another initiative streamlined debt disputes by ordering the parties to settle up on the principal owed, then negotiate interest payments. Palocci has even turned the recent political crisis into an opportunity, quietly consolidating his power by advancing a thick agenda of market-friendly reforms.
ACCESSION #
17527006

 

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