The comparison between poacher and gamekeeper was inevitable from the moment the Brazilian government put forward Armínio Fraga Neto’s name as the new central bank president in February. In a matter of weeks Fraga has gone from star Wall Street investor to stout defender of the real, a currency tattered by repeated attacks from traders.
The comparisons may continue dogging both Fraga and the government as Brazil endures one of its worst recessions ever, faces a possible debt crisis and struggles politically.
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