Presidency of Itamar Franco
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 | |
| Presidency of Itamar Franco 29 December 1992 – 1 January 1995 | |
Vice President | None |
|---|---|
| Cabinet | See list |
| Party | PMDB |
| Seat | Alvorada Palace |
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The presidency of Itamar Franco began on 29 December 1992, with the resignation of Fernando Collor de Mello, and ended on 1 January 1995, when Fernando Henrique Cardoso took office.[1]
Itamar government was characterized by the stabilization of the economy and the control of inflation, which occurred after the nomination of Fernando Henrique Cardoso to the Ministry of Finance, whose main project was the Plano Real (English: Real Plan). His administration was informally known as the República do Pão de Queijo ("Republic of Cheese Bread"), as the majority of his cabinet was composed of people from Minas Gerais. He advocated the relaunch of the VW Beetle, which became known as the Fusca do Itamar ("Itamar VW Beetle"). It recorded 10% growth in GDP and 6.78% in per capita income. Itamar assumed office with inflation at 1191.09% and handed over at 22.41%.[2][3][1]
Impeachment of Fernando Collor
In 1992, Fernando Collor was indicted for illegal fundraising involving his campaign treasurer, PC Farias. The investigations by the Parliamentary Inquiry Commission (CPMI) revealed that Collor benefited directly from the corruption scheme. During the investigations, vice-president Itamar claimed to be innocent. Afterwards, he left the PRN, Collor's party, and returned to the PMDB, which he left in 1986 to run for governor of Minas Gerais.[4][5][6]
On 29 September 1992, the National Congress approved Collor's temporary removal as president, leaving Itamar as Brazil's interim president. On 29 December 1992, Collor was officially removed from office and Itamar became Brazil's president.[5][4][6]
Plebiscite of 1993
In April 1993, the government held a plebiscite to choose the form and system of government in Brazil, as required by the 1988 Constitution. Almost 30% of the voters did not attend the referendum or canceled their vote. Among those who appeared at the polls, 66% voted in favor of a republic and 10% in favor of a monarchy. Presidentialism received 55% of the votes and parliamentarism (Itamar's preferred system) received 25% of the votes. Based on the results, the republican and presidential regime was maintained.[7][8]
