Armínio Fraga will go down in history as the man who saved Brazil by restoring confidence in the country almost single handedly after the chaotic January 1999 devaluation. Market pressures forced the government to let the real float and the currency soon crashed 30%. It seemed the government of Fernando Henrique Cardoso, who had just won reelection to a second term, was as good as over. Calmly and methodically, Fraga as central bank president, stabilized the currency and held the inflation down. The economy began growing again that year. LatinFinance named Fraga Man of the Year in 2002. However, few Brazilians were sad to see Fraga go when he left office at the end of Cardoso's term in 2002. People were...
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