The contemporary political history of Brazil under President Lula
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- Brazil Details Austerity Plan: Package of Tax
Hikes, Spending Cuts Wins IMF Endorsement
- By Anthony Faiola, Washington Post, 29
October 1998. The government discloses details of its
three-year, $84 billion fiscal austerity package, winning
praise from the International Monetary Fund and the Clinton
administration. But the plan was criticized by some private
economists, who said it is unrealistic.
- Protests begin against IMF austerity
- By Molly Charboneau, Workers World, 29
October 1998. Indians from several nations in Brazil
demonstrated in the capital against a harsh government
austerity plan that has been imposed by the International
Monetary Fund in exchange for $30 billion in loans to the
Brazilian government. Background to financial crisis.
- Brazil ‘Bailout’ Means Austerity
For Workers, Peasants
- By Hilda Cuzco, The Militant, 7 December
1998. Weeks after his reelection as president of Brazil,
Cardoso announced an agreement with the IMF for a $41.5
billion loan package. The condition was cuts to social
programs, the social security system, and tax increases
affecting millions of workers.