The Man Who Saved Brazil

The Man Who Saved Brazil

Brazil

Armínio Fraga has saved Brazil from calamity twice since he took over as central bank governor early in 1999. When Argentina's financial crisis began intensifying last year, he and his team at the central bank were ready. By May 2001, Brazil had already raised three-quarters of the $6.68 billion in financing it would get from the international markets in 2001. The central bank's official reserves were well stocked at $37.23 billion. Under Fraga, the central bank moved interest rates up 375 basis points at the beginning of the year. Brazil had a rough ride last year as the Argentine crisis deepened. The economy sputtered but did not stop growing, in spite of power shortag

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