Luiz Inácio Lula da Silva was once one of the most popular presidents in the world. In his two terms from 2003 to 2010, he presided over an economic boom that lifted millions out of poverty. But Lula, as he is widely known, also headed a government that even one of his own ministers called the most corrupt in Brazilian history. That past has caught up with the former union leader. Last week, he lost an appeal to overturn a corruption conviction. Furthermore, the appeal court’s three judges added two years to the 10-year jail sentence. Although Lula will appeal against the decision, it severely handicaps his chances of being allowed to run in October’s presidential election. As polls suggest he might otherwise win, the ruling also throws Brazil’s election race wide open. Markets surged in the belief that the chances of a market-friendly next president have now improved. Critics of Lula, in a play on US president Donald Trump’s campaign slogan, meanwhile tweeted that the court decisio...

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