Word: collors
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...lesson of these times is that free markets succeed where governments fail, Brazilian President Fernando Collor de Mello is a very voguish thinker. Though his effort to revive his country's punch-drunk economy gets much less attention than the shake-ups transforming Eastern Europe, his monetary program . is every bit as revolutionary. To corset the bloated public sector and turn the economy over to the entrepreneurs, Collor has adopted policies more radical than anything attempted in Brazil in decades -- or perhaps ever -- since taking office on March 15. His approach, says Kenneth Maxwell, senior fellow at the New York...
...make it stick? And will it work? While economists believe that Collor's bold program is well reasoned and long overdue, the consensus is that he overshot the mark initially, stopping inflation but nearly halting business as well. In the process, he has angered Big Business, alienated much of the middle class, and invited the risk of a major recession. He has also provoked the wrath of Big Labor, as evidenced last week by strikes at a state-run steel plant outside Rio de Janeiro and at the main Ford auto factory near Sao Paulo. Now Collor must scramble...
...Collor describes his goal in a phrase borrowed from the Spanish conquistador Hernan Cortes: "To win -- or to win." His long-distance vision is to boost Brazil from the Third to the First World, and he is convinced he can do it with a freer market, greater industrial efficiency and a leaner bureaucracy. Certainly, Brazil's potential is enormous. It has immense rivers and forests, rich agricultural lands, huge deposits of gold, gems, petroleum, iron ore and minerals. With a gross domestic product of $350 billion and annual exports of $34 billion, it is Latin America's most developed nation...
...country where 70% of the 150 million citizens live in poverty. That is the legacy of the chronic overspending that began in the 1970s when military rulers borrowed heavily from Western banks to cope with spiraling petroleum prices and to finance an ambitious industrial expansion scheme. By the time Collor took office, Brazil was saddled with a $115 billion foreign debt. Interest payments to foreign commercial banks were stopped last July. Chaos loomed as the economy zoomed into hyperinflation, with prices rising at a rate of more than 100,000% annually...
...banks to write off an additional 20% of $2.9 billion in loans made to Argentina and 20% of $11 billion loaned to Brazil. The announcement was unexpected, since both countries have recently achieved some economic gains. Although Brazil has been delinquent on its long-term debt, President Fernando Collor de Mello has launched promising economic reforms since taking office in March. Argentina last month began paying some interest after a two-year halt...