Word: aranha
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Brazil's energetic Finance Minister Oswaldo Aranha is a good friend of the U.S., but at the moment he is no friend of U.S. investments. Last week, in an interview with the New York Times's Sam Pope Brewer, Aranha made this abundantly clear. Brazil, Aranha explained, wants neither loans nor investments from abroad. Said he: "We have depended too much on outside aid. That's why we have not made more progress. We must learn to stand on our own feet." Foreign private capital, he said, has done Brazil more harm than good, and if foreign...
Cabled back to Rio, the interview kicked up such a fuss that Aranha rushed out with a further explanation, claiming in effect that he had been quoted out of context. He said that he was not against constructive investments that stayed in Brazil and were content with moderate profits; the trouble was that there has not been much of that kind of U.S. money around in recent years. The burden of both U.S. and Brazilian taxation, explained Oswaldo Aranha, "leads U.S. enterprises to seek investments and profits here that the weakness of our economy cannot stand...
...midst of readying a drastic tax program to strengthen Brazil's new austerity regime, Aranha also successfully fought off an inflationary congressional proposal to pay 145,000 government workers an extra month's salary as a Christmas bonus. "It would be crazy," stormed Aranha. "Brazil is like a family that has no funds but wants to give a luxurious party...
Called to the bedside at the urgent request of his old friend President Getulio Vargas, Dr. Aranha prescribed a harsh remedy for the high-living patient: "We must live under a regime of real austerity [and] do without luxuries. We have plenty of cotton-so let us dress in cotton like Hindus. It is time to start living within our means. We must work, we must pay what we owe-and we will...
...week's end, Aranha had promised to pay even if he had to dip into Brazil's gold reserves. When he said he would not devalue the currency now, the cruzeiro free-rate firmed up from 52 to 45 to the dollar. In a move to trim ship, he decided to unload Brazil's overpriced cotton stocks on the world market, though it might mean taking a $27 million loss on the treasury books. It was a tough line, but it won support at home and abroad. President Getulio Vargas called in his old-time lieutenant...