Word: braziller
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Dates: during 1980-1989
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...while canvassing for Alaska's two Senators that Motley, though no ideologue, endeared himself to Republicans on Capitol Hill. That association earned him the ambassadorship to Brazil in July 1981, amid a chorus of skeptical murmurs. But Motley's brand of eager and enterprising informality was well suited to his birthplace. He not only silenced his detractors but also charmed an impressive number of high-level Brazilians, all in fluent Portuguese. Sometimes driving out to the country in his pickup for drinks with Brazil's President João Baptista Figueiredo, he was instrumental in arranging state...
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...
...Brazil's woes worsened markedly last month when the International Monetary Fund delayed an installment of a $5.8 billion rescue package that had been arranged in February. The IMF held up the $411 million payment because Brazil has failed to slow its inflation rate, which has been galloping at an annual pace of about 180%, and has neglected to take other belt-tightening steps. The agency's move led private banks to suspend payment on $633 million in new credits that had been tied to the IMF agreement...
...loan 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...
...some business and government leaders are calling for Brazil to renegotiate its loan agreement with the IMF instead of trying to comply with the agency's tough austerity guidelines. "Our social problems are such that we cannot play with recession," insists Hélio Beltrão, Minister for Social Security...