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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