When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Already a subscriber? Log in.

You've reach your limit of free articles.

Get unlimited access to Worldcrunch

You can cancel anytime.

SUBSCRIBERS BENEFITS

Ad-free experience NEW

Exclusive international news coverage

Access to Worldcrunch archives

Monthly Access

30-day free trial, then $2.90 per month.

Annual Access BEST VALUE

$19.90 per year, save $14.90 compared to monthly billing.save $14.90.

Subscribe to Worldcrunch
Economy

Dilma's Disastrous Legacy, Destroyer Of Brazilian Wealth

Regardless of when or how she exits the political stage, the Brazilian president will leave chaos in her wake.

Dilma Rousseff last month at the Palacio do Planalto presidential palace.
Dilma Rousseff last month at the Palacio do Planalto presidential palace.

-Editorial-


SAO PAULO — Members of Dilma Rousseff's government are trying their best to convince members of Brazil's Chamber of Deputies to vote against her impeachment. But except for promises of quid pro quo, it's hard to see what could convince them to support the current occupier of the Palácio do Planalto.


Her main showpiece is Petrobras, the state oil company at the center of the anti-corruption operation Lava Jato ("Car Wash"). It's Brazil's biggest company. And yet, it's crumbling under debt, its activity is contracting as it's being dismantled. It is losing money on a monstrous scale.


As if the debts caused by price-fixing, bad investments and corruption weren't enough, Petrobras has had to shoulder the costs of an industrialization program that forced it to buy national products at much higher prices than imports. Put together, these factors amount to billions in losses.


The spectacular scale of Petrobras' collapse diverts attention from other, similar cases in many sectors of our economy, which have also suffered greatly from this government's heavy-handed meddling, incompetence and attachment to outdated economic ideas.


The government's attempt to force down energy prices in 2012 contributed to the losses registered that year by Eletrobras, Brazil's second largest state-owned company and Latin America's largest power utility provider. The manipulation of fuel and electricity prices ruined Petrobras and the entire oil industry and shrank the biofuel sector, while dragging the electrical sector into chaos and debt.

Meanwhile, the politicized management of state-owned companies' pension funds has provoked unprecedented deficits. Beyond revealing sheer governmental incompetence, these funds were routinely used to finance projects of the Workers' Party "Big Brazil" plan, among them the rig leaser Sete Brasil, almost certain to face bankruptcy, and the Belo Monte dam, costly and still under construction.


Nobody knows when or how Dilma Rousseff's tenure will come to an end. But we do know that the president will leave behind a legacy of incomparable destruction.

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

Society

Genoa Postcard: A Tale Of Modern Sailors, Echos Of The Ancient Mariner

Many seafarers are hired and fired every seven months. Some keep up this lifestyle for 40 years while sailing the world. Some of those who'd recently docked in the Italian port city of Genoa, share a taste of their travels that are connected to a long history of a seafaring life.

A sailor smokes a cigarette on the hydrofoil Procida

A sailor on the hydrofoil Procida in Italy

Daniele Frediani/Mondadori Portfolio via ZUMA Press
Paolo Griseri

GENOA — Cristina did it to escape after a tough breakup. Luigi because he dreamed of adventures and the South Seas. Marianna embarked just “before the refrigerator factory where I worked went out of business. I’m one of the few who got severance pay.”

To hear their stories, you have to go to the canteen on Via Albertazzi, in Italy's northern port city of Genoa, across from the ferry terminal. The place has excellent minestrone soup and is decorated with models of the ships that have made the port’s history.

There are 38,000 Italian professional sailors, many of whom work here in Genoa, a historic port of call that today is the country's second largest after Trieste on the east coast. Luciano Rotella of the trade union Italian Federation of Transport Workers says the official number of maritime workers is far lower than the reality, which contains a tangle of different laws, regulations, contracts and ethnicities — not to mention ancient remnants of harsh battles between shipowners and crews.

The result is that today it is not so easy to know how many people sail, nor their nationalities.

What is certain is that every six to seven months, the Italian mariner disembarks the ship and is dismissed: they take severance pay and after waits for the next call. Andrea has been sailing for more than 20 years: “When I started out, to those who told us we were earning good money, I replied that I had a precarious life: every landing was a dismissal.”

Keep reading...Show less

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

Already a subscriber? Log in.

You've reach your limit of free articles.

Get unlimited access to Worldcrunch

You can cancel anytime.

SUBSCRIBERS BENEFITS

Ad-free experience NEW

Exclusive international news coverage

Access to Worldcrunch archives

Monthly Access

30-day free trial, then $2.90 per month.

Annual Access BEST VALUE

$19.90 per year, save $14.90 compared to monthly billing.save $14.90.

Subscribe to Worldcrunch

The latest