FHC Administration
Fernando Henrique Cardoso started his first term on January 1, 1995 and was reelected in 1998. President Cardoso sought to establish the basis for long-term stability and growth and to reduce Brazil's extreme socioeconomic imbalances. His proposals to Congress included constitutional amendments to open the Brazilian economy to greater foreign investment and to implement sweeping reforms – including social security, government administration, and taxation – to reduce excessive public sector spending and improve government efficiency.
His government is credited with providing economic stability to a country marred by years of hyperinflation. At the same time the Mexican, 1997 East Asian, 1998 Russian and 1999–2002 Argentinian economic crises diminished the prospects for economic growth during his presidency.
It was also during his administration that many state-owned companies were privatized, and agencies created for the first time to regulate many sectors of industry (energy, oil, aviation, etc.)
Cardoso's administration also placed a strong focus on external affairs. In addition to acceding to the WTO and participating in the Uruguay Round, Brazil participated in the INTERFET peacekeeping mission to East Timor.
Read more about this topic: History Of Brazil Since 1985