Word: braziller
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Dates: during 1980-1989
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...Brazil's foreign creditors usually demand payments in a hard currency, such as U.S. dollars. But Philips, the giant Dutch electronics firm, had a different idea. The company cashed in $4 million worth of Brazilian loans for 1.5 billion Brazilian cruzados to buy a tangible asset: soccer star Romario Farias. The 22-year-old player, who led Brazil's team to a silver medal in the Olympics, has signed a three-year, $900,000 contract to play for PSV Eindhoven, a Dutch team sponsored by Philips. Frustrated Brazilian fans are wondering: Will their country try to solve its debt crisis...
...have accomplished my dream now," said Kenya's Paul Ereng after his stunning upset victory in the 800-meter race. He had completed the two laps in 1:43.45, comfortably ahead of defending champion Joaquim Cruz of Brazil and the celebrated Said Aouita of Morocco. Ereng, 20, a sophomore at the University of Virginia, began competing in the 800 meters only this year and had not been expected to place in Seoul.Instead he led a return of Kenya to the head of the distance pack...
Just five days before the start of the Berlin conference, more than 400 commercial banks showed that they were capable of orchestrating a significant reduction in Latin American debt. They agreed on a plan that could slash Brazil's $110 billion debt load by $18 billion within five years. Some of the loans will be exchanged for equity stakes in Brazilian businesses. The banks will suffer losses, although technically Brazil did not default on any of its loans. As the bankers view the transactions, the loans have been reduced but not forgiven...
...three years the debt has only grown, increasing from $950 billion to $1.2 trillion. Brazil, Mexico and Argentina owed $283 billion at the end of 1987, some $30 billion more than they had when the plan was announced. In the meantime, economic growth has stagnated for most debtor countries. Concludes New Jersey Senator Bill Bradley: "The Baker plan is dead. Let us do the decent thing: bury it and start anew...
Steadily, if not always impressively, the U.S. basketball teams plowed through their preliminary games in defense of the Olympic championships they won in 1984. The men were inconsistent, crushing Spain 97-53, Egypt 102-35 and China 108-57, but struggling to subdue Canada 76-70. Against Brazil, which upset the Americans in last year's Pan Am Games final, the U.S. trailed early. But a suffocating full-court defense led by Vernell ("Bimbo") Coles and muscular moves under the basket by J.R. Reid shook the Brazilians' rhythm. By half time the U.S. had moved ahead...