Eusebio Ayala vs Rui Barbosa

Ayala served as President of Paraguay from 1921 to 1923, a period of political instability and economic difficulty. His first term was marked by factional conflicts within the Liberal Party.

As president, Ayala oversaw Paraguay's military campaign in the Chaco War against Bolivia. He supported General Estigarribia's strategy and secured arms supplies, leading to Paraguay's victory in 1935. The war ended with the 1938 peace treaty.

Ayala was elected President again in 1932, taking office on August 15. His second term coincided with the outbreak of the Chaco War against Bolivia, which began in July 1932.

On February 17, 1936, Ayala was overthrown in a military coup led by Colonel Rafael Franco, who opposed the peace terms with Bolivia. Ayala was arrested and exiled to Argentina, ending his political career.

Rui Barbosa was appointed Minister of Finance in the provisional government of the newly proclaimed Republic of Brazil in 1889. He was tasked with reforming the country's financial system.

As Finance Minister, Barbosa implemented the Encilhamento, a policy of monetary expansion and credit liberalization aimed at stimulating economic growth. The policy led to a speculative bubble, rampant inflation, and a financial crisis in 1891.

Rui Barbosa led the Brazilian delegation to the Second Hague Peace Conference in 1907. He argued for the equality of nations and the principle of arbitration, earning international recognition and the nickname 'Eagle of The Hague'.

Rui Barbosa ran for the presidency of Brazil in 1910 as the candidate of the Civilist Party, opposing the military-backed candidate Hermes da Fonseca. Although he lost, his campaign was a landmark for civilian political participation.