STANDARD ECONOMIC PRINCIPLES RARELY APPLY IN Brazil. But one law has stood the test of time: the length of a Finance Minister's tenure is inversely proportional to the rate of inflation. With prices rising 28% a month, President Itamar Franco put Finance Minister Paulo Haddad on the firing line, berating him and criticizing his policies in public. Haddad, who had barely 10 weeks to settle into the job, resigned and was replaced by former Transport Minister Eliseu Resende. He is the third Finance Minister since Franco took office five months ago and Brazil's ninth in the past eight years.
At his...
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