Central character of Plano Real, former Finance Minister launches memoir and talks about the case that ended his time in the Itamar Franco government
Rubens Ricupero, 87 years old, former Finance Minister (March to September 1994) of Itamar Franco (1930-2011) during the launch of the Real Plan – a program that turns 30 years old in 2024 –, will launch a memoir this month. Among the many moments narrated in more than 700 pages, one of the episodes that stands out in “Memoirs”, is the case of the “satellite dish scandal”, which culminated in his departure from government.
“I said a lot of nonsense. To this day I feel ashamed and remorse for having done this because for a certain moment I even endangered the Plan [Real]. I think I got over it today, but I have some regret because because of those minutes I ended up ‘cancelled’ by a lot of people.”declared in an interview with Power360.
The case occurred a few months after the launch of the Plano Real.
Ricupero had the mission of publicizing the government’s economic strategy to the population and was undergoing a series of interviews with newspapers.
On September 1, 1994, the then minister was waiting to go on the air of a news program from TV Globo. A off-camera conversation with journalist Carlos Monforte was captured by satellite dishes and leaked. “I have no qualms. What is good we invoice; what is bad, hide it”said Ricupero.
At the time, the Real Plan was doubted, it was not very popular and monthly inflation was higher than the economic team expected.
In his book, Ricupero states that the context of the phrase was different. He had new positive data about the Real Plan, but it was not ready for publication. When justifying himself to the journalist for not being able to provide the data, he said he had no “scruples” It is that he would like to disclose the information, but only after consulting his economic team.
“It was a verbal misfortune, a moment that I usually compare to the doll Emília [do Sítio do Pica Pau Amarelo], I turned on the ‘nonsense tap’. Nobody likes to be ridiculous, but at that moment it was the role I played. To this day I feel guilty for having put everything I was doing in danger.”he declared.
The episode became known as the “satellite dish scandal”.
LULA “JUST WANTS TO KNOW HOW TO SPEND”
Rubens Ricupero draws a parallel between Itamar’s government and that of the current president Lula (PT) on the economic issue.
“Itamar was a little like Lula, he had a populist view of the economy. He [Itamar] it was very sensitive to the pressure they applied. I wanted to scale interest rates, increase the minimum wage in a way that would blow up the Union budget… This would have made the Plan unfeasible”he said.
“Lula is pursuing a policy today that, if not for Haddad’s resistance, [ministro da Fazenda], It will lead to inflation again because he just wants to spend”he declared.
For Ricupero, Haddad has shown himself to be efficient in his role, however, he regrets that, in his assessment, the head of the economic department is not listened to as much by Lula. “Unfortunately, he does not have the support of either the president or the party”.
Within the government, Haddad is the main defender of the zero deficit target for 2024.
In 2023, Haddad and PT names publicly disagreed on the Treasury’s zero deficit target. A resolution from the party itself even called the measure “fiscal austerity”.
“I had similar problems to him [Haddad]. O Itamar wanted to increase the minimum wage, which was impossible for the budget, he wanted to finance large infrastructure works, and I had to say no. But in my case, Itamar always supported me. Until now Haddad has maintained it, but I don’t know for how long”, declared.
BOOK OF MEMORIES
The book launch will be on Saturday (June 15), at 10am, at Japan House, on av. Paulista, in São Paulo.
According to Ricupero, the coincidence of the book’s launch dates with the time marking the 30th anniversary of the Plano Real was a coincidence. He also said that he questioned the publication because it would be a very “intimate”.
In addition to being a former Minister of Finance, Ricupero was Minister of the Environment (1993-1994) and the 1st Extraordinary Minister for the Articulation of Actions in the Legal Amazon (1993). He is considered one of the most experienced diplomats in the country, having been Brazilian ambassador to Italy (1995) and the USA (1991-1993) and secretary of UNCTAD (United Nations Conference on Trade and Development) in Geneva, from 1995 to 2004.
In the 714 pages that make up his new book, he talks about personal experiences he had with Brazilian politics and diplomacy throughout his career, especially the development of the Real Plan and his relationship with the then president of Brazil, Itamar Franco. “I had a duty to tell these stories”he said.
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