This nonsense shows how Brazil is still a fledgling democracy represented by an isolated, amateurish, conceited legislature with no coherent message or beliefs. You cannot even accuse these flag-wavers of being populist because the man in the street does not give a hoot about the name of an oil company although in theory, as a taxpayer, he actually owns it.

It is worrying to see Cardoso pandering to this constituency, especially as he was quoted by aides as saying that he did not understand what the fuss was about. He has won consistent victories in the privatization area, selling off other nationalist symbols like CVRD, the Telebras system and Banespa after tough battles. He even managed to sell off a big stake in Petrobras in 2000 although the government still maintains a majority share.
Cardoso has never been a strong man and has often been intimidated by the legislature. Getting the budget approved and settling the upcoming elections for the leaderships of the Senate and Lower House obviously swayed him but in this case he should have stood firm, ignored the complaints and let the chief executive of the company make the decision and take the flak. Perhaps Cardoso thought it was worth giving the gripers a small victory but this is the kind of behavior which baffles foreign investors and makes them wonder if Brazil has really changed.

Next year we will have a presidential election and a big question mark is who will succeed Cardoso. Despite the above criticism Cardoso has been a steady pair of hands and an assuring presence to foreign governments and investors. He has lived abroad, speaks several languages, is cultured and does not throw his weight around. His economic success stems from an impressive team, headed by finance minister Pedro Malan and Central Bank chief Arminio Fraga. None of the possible candidates to succeed– Luiz Inacio Lula da Silva, Tasso Jereisatti, Ciro Gomes  or Jose Serra – is in the same league or is guaranteed to continue with his legacy. 

Only one self-declared candidate could possibly match Cardoso – Senator Eduardo Suplicy of the PT, respected, educated, sophisticated and smart. Yet who was the person who started the ball rolling after Petrobras announced the name change? Step forward Senator Suplicy and take a bow. Getulio Vargas would be proud of you.

(c) John Fitzpatrick 2001