Fernando Collor de Mello

Fernando Collor de Mello won the 1989 Brazilian presidential election, the first direct election for president since 1960. He defeated Luiz In

Upon taking office in March 1990, Collor launched the Collor Plan, a radical economic shock program to combat hyperinflation. It included freezing bank accounts, confiscating savings, and introducing a new currency. The plan initially reduced inflation but caused a severe recession and widespread public anger.

In 1992, a corruption scandal involving Collor's former campaign treasurer led to impeachment proceedings. Collor resigned on December 29, 1992, before the Senate could vote on his removal. He was subsequently banned from holding public office for eight years.