Who was Itamar Franco? Itamar Franco was a Brazilian politician who acted since the Military dictatorship, period in which he joined the Brazilian Democratic Movement party (MDB), a modest institutionalized opposition to the regime.
During the dictatorship, he was mayor of the city of Minas Gerais, Juiz de Foratwiceand, also, twice, senator.
After the regime, he was elected vice president of the Republic in the Fernando Collor government. However, being involved in corruption cases, Collor resigned as president of Brazil before his impeachment process came to an end.
With this, Itamar Franco assumes the presidency of the country on December 29, 1992.
Itamar Franco Government – Summary
Itamar Franco assumed the presidency of Brazil in December 1992, after the end of the process of impeachment of Fernando Collor de Melo, president of Brazil since 1990.
Supported by various parties, Itamar Franco's mission was to ensure a safe transition until new elections took place to choose a new president.
Inaugurated in office, the new president held a referendum to decide which form of government would be adopted by the country. The Presidential Republic was preserved with a considerable amount of votes.
The economic crisis remained an issue that needed to be resolved. In 1993, the sociologist and former senator from São Paulo, Fernando Henrique Cardoso, takes over the Ministry of Finance with the main objective of fighting inflation and ensuring safe economic development.
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With this, the government aligned itself with a policy of cutting public spending, renegotiating the external debt and privatizing the economy. In February 1994, the Real plan, to solve the economic crisis in Brazil.
Thus, the new plan created a new currency, the Real, capable of stabilizing the economy by matching the currency with the foreign exchange reserves available in the country.
The government adopted a policy of raising interest rates in order to ensure currency stability. This policy allowed the investment of foreign capital, as well as being able to quickly contain inflation.
Thus, the new economic plan was a success because:
- Valued salaries
- warmed up the market
- Decreased inflation
the end of the brief mandate of Itamar Franco (1992–1994) was experienced at the height of its popularity, ensuring one of the smoothest presidential successions in the country.
Taking advantage of the good moment, Fernando Henrique Cardoso launched his candidacy for the presidency of Brazil by the Brazilian Social Democracy Party (PSDB).
Assuming authorship of the Real Plan, FHC managed to win the 1994 elections and took office as president of Brazil on January 1, 1995.
Learn more at:
- All the presidents of Brazil and their most outstanding achievements
- neoliberalism
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