BRAZIL: Last Chance?

Once, during an 80-day rebellion in 1925, a young gaucho leader named Oswaldo Aranha saved the town of Itaqui for the government by fighting off a rebel leader named Luis Carlos Prestes. Aranha spent the next year recuperating from a bullet-shattered leg, then went on to become a President-maker, a Cabinet minister for 12 years; he spent four distinguished years in Washington as Ambassador to the U.S., served once as U.N. General Assembly president. Rebel Prestes went on to become chief of Brazil's Communist Party, the hemisphere's biggest. Last week, while thousands...

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