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Economy & Business - June 2005

Still set fair

The rumble in the local media about the weakness and corruption of President Lula's government and its problems in congress, are obscuring the government's significant economic achievements. The government appears to have got on top of the public sector's longstanding financial problems and to have tamed the fiscal deficit. This is all the more impressive because the semi-independent central bank has been relentlessly raising interest rates to squeeze out inflation. Such rigorous (and orthodox) economic policies are not what the markets and Brazilians expected from the leftwing Lula.

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