Word: brazile
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BRASILIA, Brazil: President Fernando Henrique Cardoso has finally rolled out the gritty details of his long-awaited austerity plan: tax hikes and spending cuts on nearly everything he's constitutionally allowed to touch. "It's a bold plan," says TIME senior economics reporter Bernard Baumohl. "It's what he promised both the IMF and the Brazilian people." Now for the hard part: getting it past Congress...
...sacred cows -- especially the social security benefits of civil servants -- and despite Cardoso's popular mandate for the plan, Congress is expected to kick up a considerable fuss. But Baumohl thinks that the international response will prove convincing. "We should start to see foreign investment returning to Brazil, and the IMF now has an obligation to put together the planned $30 billion bailout." Cardoso has written the recipe for Brazil's recovery. All he's got to do now is make sure the meal gets cooked...
...ships, is a meticulous naval scholar and medical historian. The battles in which Aubrey distinguishes himself and Maturin repairs the wounded are real, borrowed from history (the two are passengers on H.M.S. Java when the U.S.S. Constitution, now a tourist attraction in Boston Harbor, defeats the British ship off Brazil in his sixth novel, The Fortune of War) and retold in language nearly understandable to a landsman ("A burton-tackle to the chesstree. Lead aft to a snatch block fast to the aftermost ringbolts and forward free. Look alive there!"). In the new novel Napoleon has just escaped from Elba...
...PAULO: Brazilians -- at least some of them -- are ready for the knife. In gubernatorial elections in Sao Paulo, Brazil's largest and richest state, voters have reelected Gov. Mario Covas, a close ally of President Enrique Cardoso. That means the imminent implementation of Cardoso's own brutally honest reelection platform: more taxes, less spending and an IMF bailout that will make life tough on pretty much everybody...
...Unsurprisingly, that message didn't play too well in the sticks; Cardoso allies lost at least six of the other 12 governorships in Sunday's vote. But TIME Latin America bureau chief Tim Padgett says that support from Covas should be enough: "Governors are very powerful in Brazil -- the states are where most federal money goes, and austerity measures have to start there." Since Sao Paulo is Brazil's industrial and financial powerhouse, any attack on Brazil's pervasive and gargantuan bureaucracy depends on Sao Paulo's cooperation. Let the cutting begin...