Word: brazilianizing
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Whereas Enders sometimes projects an air of lofty erudition, the boyish and plain-spoken Motley relies on agile street smarts rather than deskbound knowledge, and on an instinctive gift for dealing with individuals rather than ideas. The son of an American oil executive and a British-Brazilian mother, he was born and grew up amid sun-splashed privilege in Rio de Janeiro. After graduating from the Citadel military school in Charleston, S.C., Motley joined the Air Force and was posted from 1965 to 1967 in Panama-his only Central American experience-and later in Alaska. There he switched careers...
Like Mexico, Brazil has been wobbling beneath a crushing load of foreign debt. But unlike Mexico, Brazil is increasingly unable to repay its loans, which total some $84 billion. The threat of a Brazilian default on that debt is sending jitters through world financial markets. Last week Federal Reserve Chairman Paul Volcker called together the top executives of New York City's six largest banks, which have loaned Brazil at least $12.7 billion, to review the deteriorating situation. The moneymen at the meeting agreed that the South American country will probably need loans worth at least an additional...
...suspensions come at a time when Brazil is already starved for cash. The country has fallen nearly $1 billion in arrears on scheduled payments to banks, airlines, oil companies and other foreign firms. Meanwhile, international bankers, worried about the safety of their money, have been pulling deposits out of Brazilian banks at a rate of about $300 million a month...
...demands put Brazilian leaders in the worst of all situations. Government officials last week met repeatedly to prepare a plan of sharp cutbacks in public spending. The program is due to be presented to an IMF delegation this month. But while such moves may be needed to ensure continued IMF funding, they could also aggravate tensions in a nation that is currently suffering from two years of economic stagnation. In April jobless workers rioted for three days in the country's largest city, São Paulo (pop. 11 million...
...Brazil and the IMF can, and will, come to an agreement," said one Administration official. "So everybody is disposed to wait and give them bargaining time." Indeed, even some unexpected parties are telling Brazil to honor its debts. At a recent Latin American conference, a Cuban delegate chided a Brazilian who said his country should walk away from its loans. "Comrade," said Castro's man, "you shouldn't do that...