Word: brazilianizing
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...sinking dollar. The Reagan White House, by contrast, has preferred a hands-off policy toward the currency's price. After the attempted presidential assassination in 1981, it stepped in to calm foreign-exchange markets, and it did so again last October, largely to ease jitters over a possible Brazilian default. But each time Washington pumped in no more than $100 million...
WHAT SAVES THE Brazilian import film They Don't Wear Black Tie from merely becoming anti-government propaganda is its three-dimensional portrayal of the riveting relationships between members of a small working class community in San Paulo, Brazil...
...hard times came as a shocking setback to a country that only a few years ago was one of the most dynamic developing nations. After the Brazilian army seized power in 1964, the generals signed up European-and U.S.-trained technocrats. Borrowing billions from abroad, the government made huge investments in roads, dams, rural electrification and heavy industries such as steel and petrochemicals. For a while, the strategy worked spectacularly. Between 1968 and 1980, economic growth averaged 9% annually...
Fully developing Brazil's natural resources will take more time and money, two things in short supply as long as international creditors are besieging the country. Even if the IMF comes through with more loans, they will be only a stopgap. Brazilian officials are convinced that the only salvation is a fundamental restructuring of their debt. The average maturity of most loans was eight years, and 22% of the debt was due this year. The bulk of this load must be replaced, the experts argue, with long-term credit stretching over 15 to 20 years at reduced interest rates...
...main problem with a stretch-out of Brazilian loans is that it would be followed by pleas from other debt-laden countries, including Mexico, Poland, Argentina, Chile and Nigeria, for similar concessions. Brazil's difficulties are only part of a much larger global pattern, and the major creditor and debtor nations have yet to come up with a coherent long-range plan to ease the debt burden that is crippling the world economy. So far, temporary IMF bailouts on a case-by-case basis have only kept the international financial system lurching from crisis to crisis...