Brazil’s Fallen Finance Minister Says He Did No Wrong

    "During these three years in the government, I never supported misuse of public goods, and I never offended Brazil’s Constitution or its democracy," affirmed Brazil’s former Minister of Finance, Antônio Palocci.

    He received hearty applause, Tuesday, March 28, during his speech at the inauguration of his successor, Guido Mantega.

    Palocci said that he bears no malice towards those who launched accusations against him. "Not even towards those individuals, who, as close as they were to us, accept as the truth words we never uttered and recent facts that don’t go beyond mere accusations or figments of the imagination and groundless charges."

    The former minister referred to "a Brazilian tradition of fierce opposition," which made him a victim. "What makes me most confident is the certainty that I sought a new path for a serene and civilized coexistence among opposing forces."

    Palocci mentioned various advances achieved during the three years and 86 days he directed the Ministry of Finance.

    "President Luiz Inácio Lula da Silva’s Administration, which I had the honor to serve, managed to remove Brazil from the intensive therapy ward of the International Monetary Fund (IMF).

    "It succeeded in reducing the country’s foreign debt from more than US$ 230 billion at the beginning of 2003 to around US$ 160 billion at present. It was able to chalk up foreign trade figures never before attained."

    The ex-minister said that he leaves his post happy that he did his duty. "I am happy mainly for having made a contribution to the betterment of the lives of millions of poor people, whose plates are fuller than they used to be."

    Agência Brasil


    • Show Comments (1)

    • Guest

      What Palocci did no said…yet !!!!
      1) The accusations against him are for before he was elected Finance Minister. He officially denied he went to that house until the Caseiro said the opposite, together with all the money there was with the corruption.

      2) If foreign debt was effectively reduced which is correct, what is not said is that it was replaced by far more local debt than the reductions in foreign debts, leaving the country with far more overall debts than when Palocci took office.
      Just for 2005 the total local debts of the government zoomed up by an astounding 21 %.
      Yes 21 % in 1 single year.
      That is not a real debt reduction, contrary to what Palocci is saying.
      In fact he paid back loans having a lower ionterest rate and issued new borrowing with a far more higher rate.
      Neither very clever nor smart as Palocci may suggest.

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