Word: braziller
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Dates: during 1980-1989
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...Third World countries, government officials were loath to criticize Citicorp's new hard-nosed policy. Brazil's Finance Minister, Luiz Carlos Bresser Pereira, said he saw the bank's move as a prudent shoring up of its foundations. Said a top Argentine official: "It's the first sign that U.S. ^ banks are prepared to share the burden of the debt crisis." Other foreign moneymen welcomed Citicorp's action because it might mean that all U.S. banks will start treating Third World debt under the same terms as Japanese, West German and Swiss banks, which have already established substantial loss reserves...
...prosperity. The income from those loans was dwindling because of all the concessionary terms -- lengthened repayment schedules, lowered interest rates -- that creditors worldwide have been granting to Third World debtors in order to keep them from defaulting. Then the entire international credit edifice was badly shaken last February when Brazil announced an indefinite moratorium on payments of interest and principal on $68 billion of its $108 billion in total debts, the largest in the Third World. Citicorp alone stood to lose about $450 million this year as a result of Brazil's decision...
Citicorp's bolstered reserves give the bank a cushion against a default by any of its Third World debtors. That alone, predicts the head of a U.S. banking office in Brazil, "will change the renegotiating process forever." Says he: "The idea that a debtor can threaten the international financial system with collapse and get whatever it wants just won't work anymore...
...would have time to prepare the Indians for the maliciousness of the white man." So says Father Norberto Hohenscherer, one of the many Salesian missionaries who have governed, educated and protected 20,000 Indians of the Tukano and other tribes over the past seven decades in remote northwestern Brazil. Time, however, is rapidly running out for both missionaries and Indians. The discovery of potentially vast lodes of gold and other minerals is transforming life in a wide region around Sao Gabriel da Cachoeira, a small town in the Amazon jungle...
...politics to advance pro-mission Indians, threatened excommunication for those who disobeyed and even controlled access to the military planes that until lately provided the only transportation in and out of the area. A fervent anti-Communist and admirer of the military, Dom Miguel belongs to the minority of Brazil's bishops who oppose left-wing liberation theology, which follows Marxist-style analysis of social oppression...