And household defaults are... rising uh the central bank now sees a 90 chance that inflation will break the ceiling of the target band at uh 4.5 percent this year so which story is the the real one uh if i can ask for a quick word like how do you rate this three and a half years of the economy under lula

If I was to give a rate, I would give it probably a B- or something like that.

Everything you said is true.

Brazil, if you look at the inflation and GDP numbers, you may ask yourself why people are not re-electing this government outright, because inflation is It will be high this year mostly because of the oil shock, but if you take the four years in aggregate of the Lula's third term, it will be the lowest inflation in a four-year average since the real plan.

GDP is growing and So people should be happy.

So what's going on here? And there are some explanations that by themselves, they don't have much traction.

But if you take them all together, maybe they explain why we're here.

How do you crack that nut?