Lula Defeats Bolsonaro to Retake the Presidency of Brazil.

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The leftist Worker’s Party candidate Luiz Inacio Lula da Silva beat incumbent President Jair Bolsonaro; this is according to the Brazilian electoral commission.

Former president Da Silva, who served in that position from 2003 to 2010, has pledged to revive the nation’s more wealthy past; but he must contend with a divided population.

His triumph marks the first time an incumbent president has lost his bid for reelection since Brazil’s restoration to democracy in 1985. During his term from 2003 to 2010, Da Silva is recognized for establishing a sizable social welfare program; which assisted in bringing tens of millions of people into the middle class and presided over an economic boom.

But he is also remembered for his administration’s involvement in vast corruption revealed by sprawling investigations. Da Silva received a 580-day prison sentence for both corruption and money laundering.

MoneyCentral.

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