Word: brazil
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...representatives of both creditor and debtor nations came together in Washington last week for meetings of the policymaking committees of the International Monetary Fund and the World Bank, the persistent debt dilemma was at the top of the agenda. Fears are rising once again about the financial condition of Brazil and Argentina, as well as that of a host of smaller debtors located mainly in Latin America and Africa. After three days of closed-door talks, the world's moneymen were no closer to a cure for the debt woes. Said Onno Ruding, Finance Minister of the Netherlands...
...Brazil, economic policymaking has been almost paralyzed by the grave illness of Tancredo Neves, the first civilian to be elected as the country's President after 21 years of military rule. Meanwhile, the IMF has suspended $1.5 billion in loans that the country had expected to receive from the fund. Following the IMF's stern lead, banks in the U.S. and Western Europe halted talks with Brazil about rescheduling payments on its $102 billion debt. One of the main reasons for the IMF's action was that Brazil's annual inflation rate has been running higher than 230%, far above...
...While Brazil and Argentina struggle, the two other largest debtors, Mexico and Venezuela, are continuing to make strides toward easing their credit crunches. Venezuela, which has a 16.9% inflation rate that is modest by Latin American standards, has reached a tentative accord with its banks to stretch out payments on $20.8 billion of its $35 billion debt over 12˝ years. Bankers have agreed to give Mexico until 1999 to finish making payments on $28.6 billion of its $96 billion debt. Mexico gained the confidence of the bankers by reducing its inflation rate from 100% in 1982 to 59% last year...
...Rodríguez Maradiaga did not just hang with Bono. Calling debt "a tombstone pressing down on us," he presented a 17 million--signature petition for debt relief at a G-8 meeting, and he has bent German Chancellor Gerhard Schröder's ear on the topic. In the 1980s, Brazil's CLAUDIO CARDINAL HUMMES backed strikes and defied his country's dictators by letting leftist labor leader Luis Inacio Lula da Silva (now Brazil's President) make speeches during Mass. He has spoken out in favor of the organization of the landless in Brazil. Asked his priorities by Time...
...launch a website, or commemorate the Holocaust at Auschwitz or find in a broken world so many saints of the church--more saints, in fact, than all his predecessors combined. Master of a dozen languages, he was the first modern Pope to visit Egypt, Spain, Canada, Cuba, Ireland or Brazil, the equivalent of circling the globe 31 times. To half the world's people, he was the only Pope they have ever known, or mourned. Thus the prayers came not just from the Catholic faithful but also from Muslims in France and Jews at Jerusalem's Western Wall and from...