Word: braziller
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Dates: during 1980-1989
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...positive step." Baker, who presumably had concerns that Citicorp's actions might discourage other banks from participating in his Third World initiative, nonetheless expressed hope that the bank will continue lending in Latin America, where it has $14.8 billion in loans outstanding. Citicorp is particularly exposed in Brazil ($4.6 billion), Mexico ($2.9 billion), Argentina ($1.5 billion) and Venezuela ($1 billion...
...already restricts our ability to dictate solutions. Despite the inconvenience of massive immigration from the South, we cannot afford to close our borders and bring intolerable rural unemployment to Mexico and Central America. We fear the consequences of forcing South Africa to reform its system or insisting that Brazil or Argentina pay their debts on time. As the years pass, more and more issues will arise that require the collective efforts of many nations--acid rain, the destruction of the ozone layer, the traffic in drugs, and many more. Such problems will create increasing pressure for cooperative rather than unilateral...
...bankers may be able to breathe a little easier now, because Dilson Funaro has lost his job. The contentious Brazilian Finance Minister had hoped to pressure foreign banks into drastic concessions on the country's $108 billion in debts. But last week Funaro, who proved unable to rein in Brazil's runaway economy, was dumped by President Jose Sarney in favor of the more pragmatic Luiz Carlos Bresser Pereira, 52, an economist and businessman. Bresser Pereira promptly devalued Brazil's currency 8.5% against the U.S. dollar in an effort to boost export income, which should improve the country's ability...
...rationale is that American civilians will soon by implicated and that military investigators are overburdened by the scope of the scandal. Three Marine guards have been charged with espionage and one with fraternizing with Soviet women. Another Leatherneck suspected of spying has been recalled from his station in Brazil, where he was living with a Russian woman he met during a tour of duty at the Moscow embassy; he is currently being held at the Marine base in Quantico, Va. As a result of such discoveries, the State Department has replaced five possibly tainted communications centers: in Moscow, Leningrad, Brasilia...
...estate business foundered along with OPEC: energy-related loans now account for more than half of Mellon's $1.45 billion in write-offs and nonperforming assets. Mellon also has $178 million in repossessed properties, a sixfold increase from what it owned in late 1984. Bad loans to Mexico and Brazil further crimped the bank's strained resources. To make matters worse, Barnes soured relations in 1984 with a longtime local client, Gulf, by deciding to lend $150 million to Corporate Raider T. Boone Pickens, who had previously tried to take over Gulf...