Clouds gather over Brazil



Emerging market debt investors have traveled many a roller-coaster ride from near defaults to buoyant recoveries—and then back again. Brazilian bondholders are no exception. In the weeks preceding the October 2002 election of left wing president Luiz Inácio Lula da Silva, a former Trotskyite union activist, Wall Street feared the worst, sending Brazilian sovereign bonds plunging in price toward default levels. During his political campaign, Lula pledged massive government spending to rescue the

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