In the Republic of Eldorado, Paulo Martins is an idealist journalist and poet linked to the rising conservative politician and technocrat Porfírio Diaz and his mistress, Sílvia, with whom they form a love triangle.

Together they resolve to support the populist alderman Felipe Vieira for governor in an attempt to launch a new, supposedly progressive political leader who will guide the change of the situation of misery and injustice that plagues the country.

After winning the election, Vieira appears weak and controlled by the local economic forces that financed him and does little to change the social situation, which leads Paulo, disillusioned, to leave Sara and return to the capital and meet Sílvia again.

He approaches Júlio Fuentes, the country's biggest businessman, and tells him that President Fernandez has the economic support of a powerful multinational, EXPLINT (Company of International Exploitation), that wants to take control of the capital.

Vieira and Paulo join the presidential campaign again until Fuentes betrays them both and makes an agreement with Diaz.