Word: braziller
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Dates: during 1980-1989
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...speech, Alfonsin skirted many problems. He outlined no fresh measures to reduce government expenditures or privatize any of the state's 520 deficit- ridden companies. Although Argentina has been conciliatory to creditors, foreign bankers have been especially leery of debtor nations ever since February, when Brazil stopped paying interest on a large part of its $110 billion debt. That helped lead several U.S. banks to declare record losses. Since a similar default by Argentina would add to the bankers' mounting woes, they are as eager for Alfonsin's new program to work as the President...
...attention, about one-quarter of the U.S. trade deficit is the work of a pesky group of second-tier nations known as the newly industrialized countries. Once dismissed as marginal producers of chintzy clothes and toys, the NICs, which include South Korea, Singapore, Hong Kong, Taiwan, Mexico and Brazil, have gone upscale, producing everything from VCRs and computers to cars and commuter planes. By importing technology and deploying armies of low-paid but often well-educated workers, the NICs have been able to undercut competitors' prices in markets all over the world. From 1980 to 1986, NIC exports jumped...
Such a pace will not be easy to sustain, however. Mexico and Brazil are overburdened by debts that threaten to crush their economies and throttle their ability to export. Even the stronger Asian NICs face perils ranging from political unrest at home to protectionist barriers abroad...
Fighting recurrent bouts of triple-digit inflation, Brazil has accumulated an unsupportable foreign debt of $110 billion. In February, President Jose Sarney declared that the country would stop making interest payments on its medium- and long-term commercial bank loans, a stunning action that sent shock waves through the international banking community. The financial crisis has forced Brazil to curb imports and go all out on the export front. So far, the results have been unexpectedly impressive. In July alone Brazil achieved a record monthly trade surplus of $1.4 billion. The Brazilians still rely on sales of such basic goods...
...greatest threat to Brazil, and all the other NICs, is that the U.S. will try to slash its trade deficit by erecting new trade barriers. To prevent that from happening, the NICs will need to open their own markets wider, buying sophisticated goods and technology from the U.S. Unfettered global competition may be unsettling, but it can boost trade in every direction, and that will ultimately benefit all the players...