Word: braziller
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Dates: during 1980-1989
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...American riving in Brazil, I felt great pride as I listened to Mondale's concession speech. It was one of the most beautiful examples of our democracy in action. Brazilians were emotionally moved to hear the defeated candidate rally his adherents to support the newly re-elected President...
...troubles threatening American bankers, none is more controversial or potentially explosive than their overseas loans. Foreign borrowers, mostly governments and companies, owe U.S. banks about $350 billion. The most dangerous loans are to such economically ailing Latin American nations as Mexico, Brazil and Argentina, which collectively owe U.S. banks $59 billion and have barely managed to avoid default over the past two years...
...partners by telephone to put together so-called jumbo syndicates for loans to developing countries. Some bankers were so afraid of missing out that during lunch hours they even empowered their secretaries to promise $5 million or $10 million as part of any billion-dollar loan package for Brazil or Mexico. To seal and celebrate big deals, bankers staged signing ceremonies, complete with champagne and caviar, in opulent settings, some times a British castle or a mansion in Newport...
...denied. In 1976 Arthur Burns, chairman of the Federal Reserve, began cautioning bankers that they might be lending too much overseas, but he did nothing to curb the loans. For the most part, they ignored the warning. Financiers were confident that countries like Mexico, with its oil reserves, and Brazil, with abundant mineral resources, were good credit risks. Recalls a former Chase Manhattan banker in Asia: "The world beckoned, and there was a strong feeling that we were laying the foundations of the American century...
Despite Rabassa's attachment to Latin America, he prefers to live in an English-speaking environment. Born of a Cuban father and an American mother, he has spent most of his life in the North eastern U.S. He did go to Brazil for 18 months on a Fulbright-Hays fellowship in the mid-1960s, but that was long enough...