Brazil: Wounding the Emperor

Wounding the "Emperor"

When describing his radical plan to reform Brazil's out-of-control economy, President Fernando Collor de Mello used to state his goal by quoting Spanish conquistador Hernan Cortes: "To win -- or to win." But in recent months the supremely confident Collor, 41, has notched precious few victories. The inflation rate, after being cut from 80% a month to less than 10%, is back to 17%. Interest rates are sky-high; unemployment is rising. Last week Collor got more bad news. In runoff elections for 15 governorships, progovernment candidates lost in the biggest and most influential states, including Sao Paulo.

Last month the leader...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!