When he announced the president of the Brazilian Development Bank (BNDES), Guido Mantega, as the new minister of Finance, the leader of the government in the Senate, Aloizio Mercadante, went on to say that President Lula and everyone in the government recognized the "great contribution" that Antonio Palocci had made to Brazil during the last three years.
"He restored the country’s credibility, improved its finances and stabilized the economy," declared Mercadante.
"However, because under the rule of law the rights of all citizens must be respected and there was a case of the violation of those rights, specifically involving bank secrecy laws, President Lula decided to make immediate changes in his team and remove the head of the Caixa Econômica Federal and the minister of Finance."
Mercadante continued: "At the moment the country is going through a phase of economic calm. There is stability. It is essential to preserve this situation. Guido Mantega is someone who has long been a member of the government’s economic team.
"He has been in the government since the beginning of the Luiz Inácio Lula da Silva administration. He has been minister of Planning and the president of the BNDES. He knows that the president wants secure and stable economic policies. He knows that."