Key facts
- Rafael Fonteles, governor of Piauí, is seen as a fiscally disciplined technocrat.
- Geraldo Alckmin, the vice president, is a former rival of Lula's.
- Lula may also consider retaining current Finance Minister Dario Durigan.
- The choice of finance minister may be linked to whether Fernando Haddad becomes chief of staff.
Following his surprise reelection, Brazilian President Luiz Inacio Lula da Silva is facing market pressure to appoint a finance minister who can signal fiscal discipline. Sources indicate that Lula is likely to take his time in making the decision, but two key names have emerged: Vice President Geraldo Alckmin and Rafael Fonteles, the governor of Piauí state. Fonteles, a mathematician with a master's degree in mathematical economics, previously served as Piauí's finance secretary and headed Comsefaz, representing state finance secretaries. Alckmin, a former rival of Lula's, is a former governor of São Paulo and ex-trade minister. The choice may also be influenced by whether former Finance Minister Fernando Haddad is appointed chief of staff.