On January 12, 1999, over a billion dollars fled Brazil. Three days later, the Central Bank attempted to bring about a limited devaluation of the Brazilian currency, the real, but it failed to prevent a free fall. Over the next two days, another $3 billion was pulled out, and by the end of the month, the real had lost over 40 percent of its value. The Central Bank president resigned, his successor lasted a week, and as speculative attacks continued, President Fernando Henrique Cardoso, in some desperation, sought out one of international financier George Soros's closest associates, Arminio Fraga, for the job. Fra