December 1, 2002
Lula is talking tough.
But will it last?
It seems almost too good to be true. Brazil's President-elect Luiz Inácio Lula da Silva seems to have transformed himself from left-wing agitator to statesman before he has even taken office. Elected in a landslide in October, the former lathe operator, union organizer and founder of the Workers Party (PT) is sounding more like the voice of reason with every day that passes. He has vowed to honor the government's crushing debt of $230 billion when he takes office on January 1. He has rejected demands for a big rise in the minimum wage, wh
The international financial markets have warmed to
Brazilian President-elect Lula's statement-like pronouncements. But he must impose unpopular austerity measures to keep investors satisfied.