Both are correct. 'Former' is nicer.
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Thiago Piva Should it be an ex-president or a former president? In Brazil most people use to say the wrong one. Once a Chief of State, this person will never leave the charge. If you want to announce this personality, you are going to say "The President of Brazil, Fernando Henrique Cardoso, from the government of 1995 to 2003" for example. However I have noticed