Fall of Brazil’s Batista embarrasses President Dilma Rousseff There must be moments in every politician’s career that make them cringe when recalling later on. For Brazil’s President Dilma Rousseff one of these is probably the day in April last year when she helped failed entrepreneur Eike Batista commemorate the “first oil” from what are now his failed fields off the coast of Rio de Janeiro. The Brazilian president said a number of things that day praising Mr Batista, who was then still the country’s richest man with a fortune estimated at more than $30bn invested in a network of oil, mining, energy and logistics companies, most of them start-ups. The fall of Mr Batista, who in many ways was the “pet” entrepreneur of the ruling center-left Workers’ Party (PT) government, raises questions about its future policy direction. Mr Batista’s rise gave credibility to the PT’s claims that its statist economic policies were simultaneously market friendly. Will his fall make the party more or less interventionist? The full article (linked below) appears in Financial Times. ft/cms/s/0/a8a952b2-454c-11e3-b98b-00144feabdc0.html#ixzz2jmWxjQSq
Posted on: Tue, 05 Nov 2013 16:38:52 +0000
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