Word: braziller
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Dates: during 1980-1989
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...Poland, with a debt of $27 billion, declared that it simply did not have the $2.5 billion due its creditors that year, the danger signals have been flying. Last August, Mexico announced that it could not come up with the interest on its debt of $80 billion; soon thereafter Brazil declared that it was unable to meet payments on its $87 billion borrowings. Last week Brazil told its foreign creditors that it would not make $446 million in payments on principal due in January, but denied that this amounted to a moratorium. Argentina, too, was in the headlines: about five...
...Brazil stumbled into its plight through the type of doomsday scenario that now haunts the world financial community. The crunch began in September, when small-and medium-size banks in the U.S. and elsewhere refused to increase their Latin American loans in the wake of Mexico's brush with bankruptcy. At the time, Brazil, like Mexico, was borrowing from well over 1,000 banks around the world. In Brazil's case, the length of the list was largely a vote of confidence in the nation's financial management, which was considered to be among the best...
...months the cash drain was kept quiet. But eventually the lending banks began to pick up the whiff of desperation. Brazil dipped into its $5.5 billion reserve of U.S. dollars and even pledged its entire 2.5 million-oz. gold cache to secure credit. Then the government-controlled Banco do Brasil, which finances the nation's international trade, began drawing down cash, estimated at nearly $2 billion, that it ordinarily keeps on deposit with major international banks. When that was exhausted, the Brazilian bank was forced to turn to overnight borrowings to stay in business...
Banco officials were soon telephoning around the world in a frantic search for funds. But even the banks that had stood by Brazil to protect their existing investments were fearful of pouring more money into what now yawned before them as a bottomless...
Acting on complaints from American steelmakers, the Commerce Department issued a preliminary ruling in June holding that foreign steel manufacturers, mostly in Western Europe but including Brazil and South Africa, had been winning American customers by unfairly selling government-subsidized steel on the U.S. market. The ruling could have effectively blocked many of the offending companies from the U.S. altogether. In October the Administration, using the controversial ruling as a lever, won concessions from the foreign governments of the producers involved. In the agreement, the overseas governments promised that they would limit their sales in the U.S. to less than...