Word: brasiles
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Dates: during 1980-1989
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...Rumania, first class. Ceauşescu has refused to permit Soviet troops to be stationed on Rumanian soil and has opted out of Warsaw Pact plans to counter the new NATO weapons by installing Soviet missiles in Eastern Europe. The Rumanian leader told the Brazilian daily Jornal do Brasil last week that his country "is determined not to accept any kind of nuclear weapons on its territory...
...shortly after the U.S. Government came up with a $1.2 billion short-term bailout loan for Brazil (where U.S. institutions carry $18.9 billion of a total debt of $87 billion), several large U.S. banks combined forces to rescue Brazil's largest commercial bank, the government-controlled Banco do Brasil, from a severe cash shortage. This support operation is still continuing...
...months the cash drain was kept quiet. But eventually the lending banks began to pick up the whiff of desperation. Brazil dipped into its $5.5 billion reserve of U.S. dollars and even pledged its entire 2.5 million-oz. gold cache to secure credit. Then the government-controlled Banco do Brasil, which finances the nation's international trade, began drawing down cash, estimated at nearly $2 billion, that it ordinarily keeps on deposit with major international banks. When that was exhausted, the Brazilian bank was forced to turn to overnight borrowings to stay in business...