Everything about Itamar Franco totally explained
Itamar Augusto Cautiero Franco, usually known as
Itamar Franco (
pron. ), (born
June 28,
1930) is a
Brazilian politician who was
President of Brazil from
December 29,
1992 to
January 1,
1995.
Itamar Franco was born at sea, aboard a ship traveling between
Salvador and
Rio de Janeiro. He was named Itamar because he was born on board of ship
Ita, at sea (in
Portuguese Mar). His family was from
Juiz de Fora,
Minas Gerais, where he grew up and became a civil engineer in
1955, graduating from the
School of Engineering of Juiz de Fora. Franco was mayor of Juiz de Fora from
1967 to
1971 and again from
1973 to
1974. He resigned as mayor in 1974 and ran successfully for the Federal Senate as a representative of Minas Gerais. He soon became a senior figure in the MDB (Movimento Democrático Brasileiro - Brazilian Democratic Movement), the official opposition to the military regime that ruled Brazil from
1964 to
1985. Re-elected as a senator in 1982, he was defeated in an attempt to be elected governor of Minas Gerais in
1986 as a candidate of the Liberal Party (PL).
In 1989, Franco left PL and joined the small PRN (National Reconstruction Party) to be selected the running-mate of the presidential candidate
Fernando Collor de Mello. Collor won and Franco became vice-president. In
1992, Collor was charged with corruption and was
impeached by the Congress. Franco was acting president from October 1992 until Collor's impeachment in December of that year, at which point he formally took office as president.
Franco took power as Brazil was in the midst of a severe economic crisis, with
inflation reaching 1,100% in 1992 and rocketing to almost 6,000% in 1993. Franco developed a reputation as a mercurial leader, but he selected as his Finance Minister
Fernando Henrique Cardoso, who launched the "
Plano Real" that stabilized the economy and ended inflation. Cardoso became the official candidate to succeed Franco and was elected President in late
1994. Franco, however, soon became a severe critic of Cardoso's government and disagreed with the privatization program. Thereafter, he served as the Brazilian Ambassador to Portugal in Lisbon and then as Brazilian Ambassador to the Organization of American States in Washington, DC until 1998. He was elected governor of Minas Gerais in
1998 and as soon as he took office, he enacted a moratorium on state debt payments, worsening the national economic crisis. Itamar Franco served until
2003 and since then has been the ambassador of Brazil in
Italy, until leaving the position in 2005.
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