Word: castello
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...months remaining to him, Brazil's lame-duck President Humberto Castello Branco is restlessly pursuing his aim of completing the drastic remodeling of Brazil that he began after the army rebellion that overthrew Leftist President Joāo Goulart in April of 1964. During his drive to transform his country into a disciplined and modern society, Castello Branco has increasingly avoided Congress and simply started decreeing laws in what a top U.S. diplomat calls "an orgy of Calvinistic legislation." Calvinistic it may be, but it is a badly needed antidote for the orgy of inflationist and frequently pro-Communist...
Though most Brazilian newspapers attacked the constitution as another step toward dictatorship, Castello Branco had no fears about congressional passage. With his proposed draft, he issued "Institutional Act No. 4," which calls Congress into extraordinary session between Dec. 12 and Jan. 24 for "discussion, voting and promulgation" of the new constitution. If Congress votes it down, the act empowers Castello Branco simply to go ahead and decree...
When the 1964 Brazilian military coup ousted Leftist Joao Goulart and installed President Humberto Castello Branco, one of the country's most desperate needs was an infusion of private foreign capital. Goulart's free-spending ways had so fanned chronic inflation that the annual increase in the cost of living was nearly 150%. Foreign investors had started paring their spending plans. Many companies had contemplated shutting down and forgetting the whole thing; one, International Harves ter, did just that. Now, only 21 years later, a dramatic reversal is under...
...reasons for the foreigners' return start with Castello Branco. While he has slowed but by no means halted inflation (the cost of living is up 39.5% this year), he has demonstrated an encouragingly tough-minded intent that investors do not think will be reversed. The cruzeiro's exchange rate has been held at 2,200 to the dollar for more than a year, taxes are being collected more diligently, credit has been tightened, and the constant wage increases have been slowed. Moreover, his persuasive economics minister, Roberto Campos, has beat bushes abroad convincing hesitant investors that...
...likely to allow that to happen often or in any major companies. Nonetheless, foreign capital's share of private industry has been estimated to have increased to as much as 50%. And the national-identity issue is an increasingly emotional rallying point. With his military support, Castello Branco never had to worry about such gripes from the voters; newly elected President Artur da Costa e Silva is not so lucky. He is now painstakingly studying the economy. When he takes over in March, his common sense may well want to follow the current course, but his political sense might...