Former Brazilian President Collor Apologizes for Seizing Savings 30 Years Later

Collor said his team's central goal was to contain the 80 percent per month hyperinflation and that he saw no viable alternative at the time.

RIO DE JANEIRO, BRAZIL - Former President Fernando Collor de Mello apologized on Monday, May 18th, for seizing balances from savings accounts and current accounts in March 1990. On Twitter, the now-senator said he believed that radical measures could contain inflation.

The apology comes over 30 years after the announcement of the Collor 1 Plan on March 16th, 1990. "I believed those radical measures were the right way forward. Unfortunately, I was wrong. I would like to apologize to all those people who have been hurt by the blocking of their assets," he wrote.

Collor said his team's central . . .

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