Franco faces new accusations

Oh, this fickle world! Once praised to the skies for his hand in hauling Brazil out of the mire in 1997, and named central banker of the year by Euromoney as a consequence, the tide has turned for Gustavo Franco. Now, the governor of Brazil's central bank from 1997-99 is being criticized for "opening the doors of corruption" when he relaxed laws for sending money abroad - despite the fact that at the time, with the currency pegged to the dollar, it made sense for the central bank to facilitate

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