December 8, 2003
The adoration may not last, but for the moment, Brazil is the
darling of emerging market investors. A year ago, the country
seemed teetering on the brink default and about to follow Argentina
into a catastrophic economic collapse.
Lula's growing throng of
admirers includes many
who are pleased with his
Today Brazil is one of the few economic bright spots on the
continent. In Argentina, the government continues to antagonize
creditors holding its nearly worthless paper. President Néstor
Kirchner seems more concerned with boosting his pop
The country has regained the confidence of investors
and but Brazil still faces considerable challenges that the markets
have ignored for too long.