Word: collors
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...cash crunch was deliberate, the result of new President Fernando Collor de Mello's desperate all-or-nothing attempt to "obliterate" Brazil's inflation spiral, which hit a monthly rate of 73% in February. The severe clampdown, which the President unveiled just hours after his inauguration on March 15, went into full effect last week. By presidential decree, the plan freezes 80% of the country's banking and investment accounts; no one can withdraw more than $1,200 from savings for the next 18 months. And to cement his reform, Collor replaced Brazil's latest currency, the new cruzado, with...
While many Brazilians have spent their cashless week standing in line trying to withdraw funds at banks, others have learned how to barter for food. Anxiety runs high: the number of people admitted to hospitals in Rio because of chest pain has doubled over the past several days. Yet Collor's shock treatment has actually boosted his popularity. Elected with 43% of the total vote last fall, he has 80% of citizens supporting his new reforms...
...make his plan work, Collor, 40, will have to overcome a stubbornly resistant economy. Under former President Jose Sarney, Brazil tried to implement three anti-inflation programs in four years. All failed, mainly because as soon as the reforms were announced, consumers rushed to buy goods, creating a new surge in inflation. They were betting that the government could not control prices, and they were right. Thanks to Collor's freezing of assets, that shopping surge seems unlikely to happen this time. But labor leaders have vowed to strike if the President follows through on plans to sell or close...
President Fidel Castro has not visited Brazil since 1959, the year he installed himself as Cuba's supremo. So when Castro announced that he would attend last week's inauguration of Brazil's new President, Fernando Collor de Mello, authorities there were not sure what to expect: certainly a Cuban security detachment, perhaps even a few small arms...
...Mikhail Gorbachev posed for photographs with Brazilian President-elect Fernando Collor de Mello in the Kremlin last week, a Brazilian journalist called out the question on everyone's mind. Would Gorbachev confirm the report broadcast around the globe by CNN that he was planning to quit as Communist Party chief? Gorbachev listened to the translation with a puzzled look, then smiled. "Many rumors and suppositions are circulating worldwide," he said, gesticulating with his hands for emphasis. "All this is groundless. It has come into vogue in the international press to set rumor mills working as soon as we approach...