Itamar Franco entered the world prematurely aboard a ship navigating the Atlantic Ocean in 1930. He navigated a complex political career that spanned decades, evolving from a local administrator in Juiz de Fora to the 33rd President of Brazil, where he oversaw the implementation of the Plano Real to stabilize a hyperinflationary economy.
Early Career and Legislative Foundations
Franco graduated from the School of Engineering of Juiz de Fora in 1955. His initial electoral success came in his home city, where he served as mayor during two distinct periods, between 1967 and 1971 and again from 1973 to 1974. Resigning from the mayoralty, he transitioned to the Federal Senate. During the military regime, he emerged as a senior figure within the Brazilian Democratic Movement. He later served as a leader for the Liberal Party in the Senate, where he participated in the National Constituent Assembly starting in 1987.
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In 1989, Franco joined the National Reconstruction Party as the running mate for Fernando Collor de Mello. Following their narrow election victory, he served as Vice President of the Federative Republic of Brazil. After Collor faced impeachment proceedings regarding corruption allegations, Franco assumed the role of acting president on 2 October 1992. He officially took office as President of the Republic on 29 December 1992, following Collor's resignation.
Economic Stabilization and Governance
Upon taking power, Franco faced an economy suffering from inflation rates that reached 2,400 percent by 1993. He appointed Fernando Henrique Cardoso as Finance Minister to launch the Plano Real, a program that successfully curbed inflation. During his tenure, he conducted a national plebiscite in 1993 that confirmed the continuation of the presidential republic. Despite his preference for a parliamentary system, he adhered to the public mandate. His administrative style was noted for its contrast to his predecessor, focusing on institutional integrity.
Later Diplomatic and Political Roles
After his term as president ended in 1995, Franco remained active in public service. He served as the governor of Minas Gerais from 1999 to 2003. His diplomatic career included a tenure as the ambassador of Brazil to Italy between 2003 and 2005. Returning to domestic politics, he was elected to the Senate of Brazil in 2010, serving in that capacity until his death in 2011 in São Paulo. He was subsequently buried in Contagem.
Fast facts
- Born: 1930, Atlantic Ocean
- Died: 2011, São Paulo
- Education: School of Engineering of Juiz de Fora
- President of Brazil: 1992–1995
- Ambassador to Italy: 2003–2005
- Military Rank: Officer candidate
- Religion: Catholicism
- Languages: Portuguese and Brazilian Portuguese
Questions readers ask
What major economic policy was enacted during his presidency?
His administration implemented the Plano Real, which succeeded in stabilizing the economy and controlling hyperinflation.
How did he become president?
He was the vice president who assumed the presidency following the impeachment and resignation of Fernando Collor de Mello.
Achievements
- President of Brazil (1992–1995)
- Vice President of the Federative Republic of Brazil (1990–1992)
- member of the Senate of Brazil (2011–2011)
- ambassador of Brazil to Italy (2003–2005)
- Grand Cross of the National Order of Scientific Merit
- Grand Cross of the Order of the Southern Cross
- Order of Rio Branco
- Order of Naval Merit
- Educated at School of Engineering of Juiz de Fora
