laqua and Garcia, no date). In 1979, inflation was still running at 50 percent a year. It then started to increase, in a series of jumps, until by 1984 it had reached a level of 350 to 400 percent annually
The junta's inability to control inflation discredited it, just as inflation had discredited civilian governments twenty years earlier. Military rule ended in 1985, and the junta was replaced by a civilian "caretaker" government under Jos? Sarney. (Only in 1990 did Brazil have a presidential election, for the first time since 1960, electing Fernando Collor de Mello; Asset International, 1992).
The Sarney government launched a series of "Plans" that were intended to control inflation and debt, and revitalize the economy. The first of these was the Cruzado Plan in 1986, followed by the Bresser Plan in 1987, and the Summer Plan in 1989 (Asset International, 1992). All three of these Plans involved devaluation of the currency. They also attempted to jolt inf
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