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Itamar Franco33rd President of Brazil
Date of Birth: 28.07.1930
Country:  Brazil |
Content:
Biography of Itamar Franco
Early Life and EducationItamar Augusto Cautiero Franco was born on a ship sailing from Salvador to Rio de Janeiro. His name, Itamar, was derived from the ship's name, "Ita," and the Portuguese word for "sea," "mar." He grew up and received his education in Juiz de Fora, in the state of Minas Gerais. In 1955, he obtained a degree in engineering from there.
Political Career
From 1967 to 1971, and then from 1973 to 1974, Franco served as the mayor of Juiz de Fora. He resigned from his position as mayor in 1974 and successfully ran for the Federal Senate from the state of Minas Gerais. He quickly became a prominent figure in the MDB (Brazilian Democratic Movement), the official opposition to the military regime that governed Brazil from 1964 to 1985. Franco was reelected as a senator in 1982 but suffered a defeat in the 1986 gubernatorial elections in Minas Gerais as a candidate from the Liberal Party (PL). In 1989, Franco left the PL and joined the small party PRN (National Reconstruction Party), where he became the running mate of presidential candidate Fernando Collor de Mello. Collor won the election, and Franco became the vice president.
Presidency
In 1992, Collor was accused of corruption and was forced to resign from the presidency. Franco assumed the role of president from September 1992 until December of the same year when Collor's impeachment was officially announced, and Franco officially became the president. He came to power during a severe economic crisis in Brazil, with inflation reaching 1,100% in 1992 and nearly 6,000% in 1993. Franco gained a reputation as a flexible leader but appointed Fernando Henrique Cardoso as Minister of Finance. Cardoso implemented the "Real Plan," which stabilized the economy and curbed inflation. Cardoso eventually became the official candidate for the presidency and won in 1994. However, Franco soon became critical of Cardoso's government and disagreed with him on privatization programs.
Later Career
Since then, Franco served as the ambassador of Brazil to Portugal in Lisbon, and later as the ambassador of Brazil to the Organization of American States in Washington, D.C., in 1998. He was elected as the governor of Minas Gerais in 1998 and, once he took office, declared a moratorium on state debt payments, exacerbating the national economic crisis. Franco held this position until 2003 and subsequently served as the ambassador of Brazil to Italy.
