Fernando Collor de Mello was inaugurated Thursday for a five-year term as Brazil's first popularly elected president in 29 years. Thousands of people cheered and waved banners proclaiming a new Brazil.
Collor de Mello, 40, promised to protect and defend the constitution in a brief ceremony at the twin-domed national Congress in the modernistic capital.Eighteen heads of state attended the ceremony, including Presidents Fidel Castro of Cuba, Daniel Ortega of Nicaragua and Prime Minister Felipe Gonzalez of Spain. The United States was represented by Vice President Dan Quayle.
Also attending were the presidents of Argentina, Uruguay, Paraguay, Chile, Venezeula, Bolivia and Peru.
Later, Collor de Mello received the presidential sash from outgoing President Jose Sarney and met the visiting dignitaries.
The last elected president was Janio Quadros, who governed for seven months in 1961 then quit. The subsequent turmoil led to a military coup in 1964, and popular elections for the presidency were banned. In 1985 Brazil returned to civilian government through an electoral college vote set up by the deaprting 21-year military regime and Congress established the direct vote.
Collor de Mello was to announce Friday sweeping economic reforms to cut 2,700 percent inflation.
Expectations of a brief wage-and-price freeze, massive layoffs of federal employees and other drastic measures to cut Brazil's $31 billion budget deficit sent tremors across the nation of 150 million.
On Tuesday, banks were closed for three days to stop a frenzy of last-minute financial speculation.