Word: brazilian
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Politics was the bottom line, after all. Investors set off Brazil's crisis out of fear that the two leftist candidates leading in presidential election polls would reverse the country's laudable efforts to adopt free-market reforms. A Brazilian default could upset the tenuous U.S. recovery and cost U.S. Republicans in November's congressional elections. That vote also coincides with the start of new negotiations for a giant hemispheric free-trade pact. If Brazil's economy continues to melt down, those talks will implode, causing Bush political embarrassment...
...English World Cup team, meanwhile, made it to the quarterfinals before being defeated by a ten-man Brazilian team. Along the way they had been outplayed by Sweden and Nigeria. Of course, they returned home as heroes...
...largest economy gets in trouble, it also gets bailed out. Last year, the International Monetary Fund sent in $15 billion to protect Brazil from the aftershocks of Argentina's economic collapse. Last week, the IMF doubled up, putting together a $30 billion rescue package to both stabilize the troubled Brazilian economy and boost international faith in the rest of Latin America. The IMF hopes the package - its largest-ever in dollar terms - will break Brazil's downward spiral of plummeting currency values, rising debt and poor growth prospects. Crucially, the package has the support of the main political parties...
...some of Spain's biggest names are also taking a clobbering because of their exposure to Brazil. Over the past 10 years, Spanish firms have poured more than €50 billion in Brazil - double the amount invested in Argentina - particularly across the telecom, banking and energy sectors. But the Brazilian real has gone into a downward spiral - the currency has lost one-third of its value since April - and taken some Iberian earnings along for the ride. Last month, Spanish giant Telefónica cited currency woes as a reason for its reported 23% fall in Latin American revenues...
...Winners GLORIA TREVI Mexican pop queen and jailhouse mom could be released from Brazilian prison. Clearly the world has its next celebrity reality show PENELOPE CRUZ Actress plans launch of U.S. branch of Indian charity. She'll be distributing food, medicine and Tom Cruise's discarded dental braces RIO FERDINAND English defender is looking to switch teams if some club meets Leeds' $50 million asking price. Or they could sign Jeff Agoos 183 times Losers NOELLE BUSH President's niece jailed after violating court-ordered rehab. Once again, Bush family values are taken with a grain of something or other...