8/14/2005

Fernando Collor de Mello - Wikipedia, the free encyclopedia

Collor was the scion of a powerful political family, led by his father Arnon de Mello, a journalist and former governor of Alagoas. Backed by his good looks and his father's TV and print media interests, he became successively mayor of Alagoas' capital Maceió, a federal deputy, and eventually governor of the state of Alagoas in 1987.

In 1989 he defeated Luiz Inácio Lula da Silva in a very close presidential race. The first democratically elected president of Brazil in 29 years, Collor spent the early years of his government battling inflation, which at times reached rates of 25% per month

Shortly after taking office, Collor launched the "Collor Plan," which attempted to reduce the money supply by forcibly converting large portions of consumer bank accounts into unspendable government bonds. He also proposed freezes in wages and prices, as well as major cuts in government spending. The measures were received unenthusiastically by the people, though many felt that radical measures were necessary to reduce the constant inflation. Within a few months, however, inflation resumed, eventually reaching rates of 25% per month.

The crescendo of evidence of bribery and misappropriation of state funds led to popular demonstrations and civil disorder across the main cities of Brazil. [triggered by Collor's plea for a march of support that backfired. See lawnorder: War of the colors - How an unpopular President got impeached by citizens wearing black -- law] In October, the congress voted to suspend him. He resigned from office on December 29, 1992 shortly before being officially impeached by Congress."

Fernando Collor de Mello - Wikipedia, the free encyclopedia: "

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