Word: brazil
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Dates: during 1990-1999
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Will investors be reassured by one of their own? Brazil put a former George Soros aide in charge of its central bank, hoping that Arminio Fraga Neto's track record might restore investor confidence. The real strengthened on the news, but it may take more than appointing a former Soros investment director to turn the country around. "To regain the confidence of foreign investors and the IMF, Fraga will have to convince them that Brazil can close its budget gap and restore its financial health," says TIME senior business reporter Bernard Baumohl. "There may be a momentary rebound...
...Many of the changes demanded by foreign investors are beyond Fraga's domain. "Brazil's economic health depends on the central government's convincing state governors to cut spending and increase taxes," says Baumohl. "That's a political battle over which the central bank has no control." Still, anything that suggests speculative compassion from Soros -- however wishfully -- certainly can't hurt a vulnerable currency...
...Amount the Dow gained on the day Brazil announced it would let its troubled currency, the real, float...
...Projected amount Brazil's economy will shrink this year...
...took a decade to happen. Norman, whose previous films include Cutthroat Island, got the idea in 1988 from one of his sons, who was studying Elizabethan drama, and eventually produced a script for Universal. In 1992 Stoppard--who wrote the movies Empire of the Sun, The Russia House and Brazil, among others--came in to do a rewrite. The film fell apart over casting and languished until Miramax bought the rights from Universal...