Word: cardosos
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...PAULO, Brazil: The presidential election is over, and the first-ballot reelection of the IMF's preferred candidate, Fernando Henrique Cardoso, looks sewn up. So where's his reward -- the $30 billion bailout? For one thing, the IMF and the U.S., along with the rest of the G-7 nations, are still working on it. For another, it's supposed to be a secret...
...JANEIRO: Congratulate the Brazilian people for their farsightedness: The current global contagion that has pushed Brazil's government to the brink of disaster has visited equal hardship on its people, yet the nation is poised to reelect President Fernando Enrique Cardoso with the full knowledge that he has even deeper hardship in store. Rarely have the IMF and its usual victims -- ordinary citizens -- been in such agreement...
...feel there's no better leader for Brazil than Cardoso right now," says TIME business reporter Bernard Baumohl. "But after the election, they're counting on deep budget cuts and austerity measures, and the $30 billion bailout that they're trying to put together will be conditional on that." As always, the economic powers that be are pointing to a light at the end of the tunnel -- an optimism that's selling rather poorly in Indonesia and South Korea right now. But Baumohl says that Brazil is healthy enough -- and vital enough to U.S. interests -- to pull through. "If Brazil...
...Mexico, "the political situation is very delicate and the whole edifice is fragile," said Rubio, while Brazil's fortunes hinge on a proposed constitutional amendment to allow President Fernando Henrique Cardoso to run for a second consecutive term. Argentina faces a different kind of structural problem, Garten said: "They have a high-wage economy and 18% unemployment. The country is importing massive amounts of equipment to substitute for labor, but there's no scenario to retrain the workers. That's going to create real political tensions...
Plagued by hyperinflation, Argentina and Brazil, South America's two largest economies, last week entered different forms of shock treatment to slow runaway wage and price increases. Brazil announced a hold on wage increases until July and an indefinite freeze on prices. Economy Minister Zelia Cardoso de Mello also disclosed plans to dismantle much of the country's elaborate system of indexation, which has been used since the 1960s to offset the effects of inflation. Among the system's inflation-fueling features scheduled to be phased out: so-called overnight bank accounts that pay interest to depositors...