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I’m going to Brazil in a few months and my dad who, was there last year, offered to sell me his Reales at the market rate.
It just so happens that I saw the Google News headlines and caught that a new President had been elected on the day prior, as a successor to Lula.
My dad quoted me a rate.
I glibly responded:
Check's in the mail. You are probably buoyed by yesterday's election of Lula's successor, but I'm happy to pay for Brazil's optimism
My dad replied:
I don't know that I have a reaction to the election of Lula's successor. IF she remains oriented towards a free market and growth then okay.
Lula danced with the Presidents of some trouble-making countries. I don't know where the new President will go.
The economic policies that have brought growth to Brazil were put in place by Lula's predecessor, President Cardoso.
Lula continued those policies, though his previous history would have suggested a different course.
He called my bluff. Ouch.
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