Word: branco
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Dates: during 1960-1969
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...Brazil, but it is lucky even to be alive. Brazil's military men believe that they saved it in the nick of time in 1964 when they toppled leftist President Joao Goulart, who seemed to be moving toward a Communist-type dictatorship, and installed Army General Humberto Castello Branco as President. Elected to succeed Castello Branco by a Congress subservient to the military and controlled by the government's ARENA Party, Costa e Silva has promised to humanize the revolution launched by his austere and humorless predecessor-but he has also made it clear that he intends...
Costa's biggest problem is the economy. On top of last year's 41% rise, the cost of living has shot up another 7.3% in the first two months of this year, making Brazil little more than one huge, hectic lottery. Just before leaving office, Castello Branco devalued the currency and issued a new cruzeiro worth 1,000 of the old ones. Even so, people still deal in hundreds of cruzeiros for the most simple needs. To beat Brazil's inflation, whose inexorable rise is caused by overloaded budgets and overworked money presses, many Brazilians rush...
Costa says that he will continue Castello Branco's tight-money program-but not at the expense of development. In the Northeast, the government's regional development agency, called SUDENE, is luring new industry with special tax incentives and is helping build a $37 million potassium-fertilizer factory, a $44 million caustic-soda plant and an $11 million tire plant. Brazil is building the new $25 million, 15-story Panorama Palace Hotel on a Rio hill side overlooking Copacabana Beach; it will be Latin America's largest and lushest hotel. The massive 4,000,000-kw. Urubupunga...
Some fear that Costa may try to build too much, or that he will be more concerned with winning friends than winning the battle against inflation. He was no sooner in office than he counter manded a Castello Branco order and rehired-at least temporarily-1,500 surplus social security workers who had just been fired. He also suspended a special 15% profit tax that Castello Branco had put through, held up a fare hike on some government rail lines and hinted that he might even double the country's minimum wage to $148 a month. But the military...
...execute his command, Costa passed over all of Castello Branco's old ministers and picked a new set of faces and personalities for his Cabinet-some of whom had voiced opposition to Castello Branco. In as Foreign Minister came Banker Jose Magalhaes Pinto, who had called Castello Branco's government reactionary. As his Minister of Planning, Costa picked Economist Helio Beltrao, who feels that Castello Branco's stiff austerity policies should be relaxed...