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President Fernando
Henrique Cardoso |
There are a lot of Brazils. As far as the Euromarkets are
concerned, Brazil is the largest and most important economy in
Latin America, a liquid proxy for the emerging-market asset class
as a whole. The CEO of a Spanish multinational will have a somewhat
different view. He will see Brazil as an enormous untapped market,
a country so potentially rewarding that no international company
can afford not to be there. A tourist will be very happy sipping
caipirinhas on the beach at Copacabana. The historian sitting next
to him will see a country in an uncharacteristic period of relative
economic and political stability. He will probably chuckle over his
cocktail at the hubris of those who have pronounced an end to the
country's turmoils.
The boys playing football on the beach know that their country has
one of the most unequal distributions of wealth in...
