Word: brazil
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Dates: during 1960-1969
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Reform & Recession. That may be just what Brazil needs, considering the way Castello Branco's government is running the country. When the revolutionaries took over in April 1964, Brazil was approaching bankruptcy, with foreign-exchange reserves of less than $150 million, and a cost of living that was soaring at the fantastic rate of 144% a year. By last week Brazil's foreign exchange was back to a safer $300 million, and the inflationary price rise had been cut more than two-thirds to 45% for 1965-"still pretty bad," says one Washington official, "but for Brazil that...
Most of the credit goes to Castello Branco's Minister of Economic Planning, Roberto de Oliveira Campos, 48, a U.S.-trained economist and Brazil's onetime Ambassador to the U.S. Campos is doing more than trying to reform an economy; he is trying to discipline a national mentality. For a starter, he eliminated $200 million a year in government wheat, oil and newsprint import subsidies, thus halting a wasteful drain on Brazil's treasury. He then ended labor's inflation-producing 75%-to-100% wage hikes, slowed down the money presses, and began reforming Brazil...
Better still, the World Bank-absent from Brazil since 1959-agreed to lend $80 million early this year for power projects. The International Monetary Fund, another long-absent investor, chipped in $125 million, plans to offer $120 million to $180 million more in new standby credit next year. And the U.S., which cut Alianza aid to Brazil to a trickle under Goulart, has granted more than $500 million in technical and economic assistance...
Klonarides and his competitors find their biggest market in the underdeveloped nations, which usually have commodities to trade but very little cash. Through bartering, Egypt has been able to swap its cotton for German locomotives, for machine tools and for a British power station. Brazil traded coffee for $4,200,000 worth of British tractors. For handling commodity sales, bartering firms take a commission of 1% up, depending partly on the state of the commodity market and partly on the length of time that it takes them to conclude the deal...
Antunes, 59, one of Brazil's most enlightened businessmen, already provides his country with the means to unlock much of its long-neglected wealth in natural resources, and so reduce its heavy dependence on coffee for export income. In a similar 51%-49% joint venture with Bethlehem Steel, he has not only built one of the world's most successful manganese mining operations, but has managed to avoid the attacks that Brazilian nationalists have made on other foreign interests. By pushing iron-ore exports, Antunes expects Brazil in time to earn enough abroad to import coal...