A cautious comeback for Brazil's Cardoso

摘要

In the darkest hours of the past year, President Fernando Henrique Cardoso seemed to cling to the hope that by grimly sticking to an unpopular austerity programme, not only would his country's economy return to growth but his own popularity and authority would eventually recover from the disorderly devaluation of January 1999. That determination is now being rewarded by a string of brighter economic figures, a seemingly stable currency, a modest improvement in Mr Cardoso's own poll ratings, and some political victories in the battle to entrench still fragile progress in reforming a spendthrift public sector. If Mr Cardoso's Brazil is not quite yet restored to blooming health, it is at least on its feet again.