Turning banks into tax collectors

When the president gets tied down

RIO GRANDE DO SUL: Riding with the gaúcho

BAHIA: Have Ford, will travel

MINAS GERAIS: Franco the noisy populist

Brazil’s federal government cannot afford to let the states off lightly because of its own financial problems.

These days Brasília likes to talk about the primary surplus target of 3% for 1999 which it is likely to meet. The primary surplus is the budget position before taking account of debt interest and repayments.