Volume 50, Number 11 · July 3, 2003
Lula's Surprise
By Kenneth Maxwell
In the weeks before the election of Luiz Inácio Lula da Silva—'Lula'—as Brazil's president last October, financial experts throughout the world predicted a disaster. The Brazilian C-Bond, the best indicator of foreign investor confidence (or lack thereof), had fallen from eighty to less than fifty cents to the dollar. And Brazil's currency, the real, which had been selling at two to the dollar, had virtually collapsed and was approaching four to one.
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