Berliner Boersenzeitung - Comeback king Lula gets delayed honeymoon in Brazil

EUR -
AED 4.104397
AFN 76.945413
ALL 99.231189
AMD 432.617988
ANG 2.010719
AOA 1036.724537
ARS 1074.259252
AUD 1.641361
AWG 2.011389
AZN 1.904081
BAM 1.955429
BBD 2.252673
BDT 133.324726
BGN 1.95472
BHD 0.42042
BIF 3234.286875
BMD 1.117438
BND 1.441627
BOB 7.709539
BRL 6.162788
BSD 1.115688
BTN 93.249023
BWP 14.748204
BYN 3.651208
BYR 21901.788071
BZD 2.248874
CAD 1.517202
CDF 3208.165381
CHF 0.950204
CLF 0.037689
CLP 1039.944272
CNY 7.880067
CNH 7.870123
COP 4641.820049
CRC 578.89026
CUC 1.117438
CUP 29.612111
CVE 110.244101
CZK 25.088056
DJF 198.672338
DKK 7.466767
DOP 66.967305
DZD 147.657009
EGP 54.142736
ERN 16.761573
ETB 129.466357
FJD 2.459262
FKP 0.850995
GBP 0.839107
GEL 3.051043
GGP 0.850995
GHS 17.539675
GIP 0.850995
GMD 76.548818
GNF 9639.172699
GTQ 8.624365
GYD 233.395755
HKD 8.704949
HNL 27.675753
HRK 7.597474
HTG 147.212093
HUF 393.517458
IDR 16941.25656
ILS 4.221139
IMP 0.850995
INR 93.284241
IQD 1461.522939
IRR 47035.770303
ISK 152.262556
JEP 0.850995
JMD 175.286771
JOD 0.791709
JPY 160.803866
KES 143.922717
KGS 94.13132
KHR 4531.14103
KMF 493.181764
KPW 1005.693717
KRW 1488.975611
KWD 0.340897
KYD 0.929724
KZT 534.908597
LAK 24636.329683
LBP 99909.860054
LKR 340.395471
LRD 223.1377
LSL 19.586187
LTL 3.299505
LVL 0.675928
LYD 5.297996
MAD 10.818149
MDL 19.468309
MGA 5046.04342
MKD 61.603322
MMK 3629.395577
MNT 3797.054841
MOP 8.955702
MRU 44.337595
MUR 51.268486
MVR 17.164273
MWK 1934.433289
MXN 21.697078
MYR 4.698871
MZN 71.348848
NAD 19.586187
NGN 1831.984424
NIO 41.062216
NOK 11.713438
NPR 149.198716
NZD 1.791484
OMR 0.429669
PAB 1.115688
PEN 4.181807
PGK 4.367172
PHP 62.188829
PKR 309.994034
PLN 4.274593
PYG 8704.349913
QAR 4.067529
RON 4.972492
RSD 117.203662
RUB 103.07316
RWF 1504.014883
SAR 4.193134
SBD 9.282489
SCR 14.578236
SDG 672.143165
SEK 11.364797
SGD 1.442952
SHP 0.850995
SLE 25.530448
SLL 23432.113894
SOS 637.579134
SRD 33.752262
STD 23128.713955
SVC 9.762149
SYP 2807.596846
SZL 19.593286
THB 36.793929
TJS 11.859752
TMT 3.911034
TND 3.380559
TOP 2.617156
TRY 38.132438
TTD 7.588561
TWD 35.736832
TZS 3045.822602
UAH 46.114158
UGX 4133.216465
USD 1.117438
UYU 46.101261
UZS 14197.308611
VEF 4047978.463464
VES 41.096875
VND 27494.566096
VUV 132.664504
WST 3.125992
XAF 655.832674
XAG 0.035881
XAU 0.000426
XCD 3.019933
XDR 0.826843
XOF 655.832674
XPF 119.331742
YER 279.722751
ZAR 19.426272
ZMK 10058.288435
ZMW 29.537401
ZWL 359.814634
  • NGG

    0.7200

    69.55

    +1.04%

  • BCC

    -7.1900

    137.5

    -5.23%

  • CMSD

    0.0100

    25.02

    +0.04%

  • AZN

    -0.5200

    78.38

    -0.66%

  • GSK

    -0.8200

    40.8

    -2.01%

  • SCS

    -0.3900

    12.92

    -3.02%

  • BTI

    -0.1300

    37.44

    -0.35%

  • RIO

    -1.6100

    63.57

    -2.53%

  • CMSC

    0.0300

    25.15

    +0.12%

  • JRI

    -0.0800

    13.32

    -0.6%

  • RYCEF

    0.0200

    6.97

    +0.29%

  • RBGPF

    58.8300

    58.83

    +100%

  • VOD

    -0.0500

    10.01

    -0.5%

  • BCE

    -0.1500

    35.04

    -0.43%

  • RELX

    -0.1400

    47.99

    -0.29%

  • BP

    -0.1200

    32.64

    -0.37%

Comeback king Lula gets delayed honeymoon in Brazil
Comeback king Lula gets delayed honeymoon in Brazil / Photo: EVARISTO SA - AFP

Comeback king Lula gets delayed honeymoon in Brazil

Economic growth is up, Amazon deforestation is down and he's scored some key wins in Congress: Brazilian President Luiz Inacio Lula da Silva finally appears to be getting a delayed honeymoon in his third-term comeback.

Text size:

Once called "the most popular politician on Earth" by no less than Barack Obama, veteran leftist Lula got off to a bit of a rough start when he returned to office on January 1, following a brutal, divisive election against far-right incumbent Jair Bolsonaro.

But a poll last week by the Genial/Quaestinstitute put Lula's approval rating at a solid 60 percent, well up from the 51 percent he scored in April -- if not quite on par with the 87 percent he basked in when leaving office in 2010 after his first two terms.

It appears the 77-year-old president is hitting his stride in "Lula Three," after a first 100 days marred by gaffes, battles with Congress and mistrust from the business sector -- not to mention riots by Bolsonaro supporters who trashed the presidential palace, parliament and Supreme Court in Brasilia a week after his inauguration.

"Four or five months ago, no one would have thought Lula would be in such a favorable position today," international relations specialist Leonardo Paz Neves of the Getulio Vargas Foundation told AFP.

None of which is to say it could not all fall apart, of course.

Arguably no one knows that better than Lula himself, who presided over a watershed boom in the 2000s and left office an international icon, only to be imprisoned eight years later on controversial corruption charges -- since quashed by the Supreme Court.

- Lucky Lula -

Lula, who grew up in deep poverty before becoming a metalworker, union leader and then president, enjoyed great good fortune in his first two terms, when booming demand for Brazil's key commodity exports unleashed whirlwind economic growth.

These days, Latin America's biggest economy is far from the dynamo it was in the 2000s. But Lula still looks to have a bit of the Midas touch.

The economy grew a better-than-expected 1.9 percent in the first quarter, according to government data, and analysts predict growth of two to 2.5 percent for this year.

Lula also scored a key victory last Tuesday when Brazil's Congress passed new budget rules, ditching strict spending caps and enabling the administration to free up money for social and infrastructure programs, in exchange for more-flexible deficit-slashing targets.

Getting the bill through the conservative-majority Congress would have been unthinkable a few months ago.

"The government showed its capacity to organize and get its projects approved," said political scientist Mayra Goulart of Rio de Janeiro Federal University.

The Congressional backing comes at a cost: Lula is expected to announce a cabinet reshuffle soon to reward centrist parties for their support.

Lula got another legislative win in July, when the lower house passed tax reforms that were decades in the making. That bill now heads to the Senate.

Fitch upgraded Brazil's credit rating last month from BB- to BB, citing the government's economic reforms.

Not all observers are convinced by these positives, however.

"For the government to respect the new budget rules, it will have to increase its revenues. And that's looking difficult," said economist Pedro Paulo Silveira.

Lula has also faced criticism at times for his close ties with Russia and China, and his reluctance to condemn the Russian invasion of Ukraine.

- Opposition sidelined -

Bolsonaro and his allies have meanwhile been weakened by a series of scandals and police investigations.

In June, electoral authorities barred Bolsonaro from running for office for eight years over his unproven allegations the voting system is fraud-prone, sidelining him from the next presidential elections, in 2026.

As the opposition struggles, Lula has been busy burnishing his international image, meeting with world leaders, giving a speech on climate change to a giant crowd in Paris in June and hosting a summit of Amazon rainforest nations earlier this month.

Environmentalists criticized the summit for its lack of concrete emissions-cutting pledges, but Brazil still emerged "as an essential country in the climate debate," Paz Neves said.

Lula can point to more promising news on that front: deforestation in the Brazilian Amazon in the first seven months of his term fell by 42.5 percent from the previous year.

(K.Müller--BBZ)