Word: conquistadores
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Dates: during 1990-1999
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When describing his radical plan to reform Brazil's out-of-control economy, President Fernando Collor de Mello used to state his goal by quoting Spanish conquistador Hernan Cortes: "To win -- or to win." But in recent months the supremely confident Collor, 41, has notched precious few victories. The inflation rate, after being cut from 80% a month to less than 10%, is back to 17%. Interest rates are sky-high; unemployment is rising. Last week Collor got more bad news. In runoff elections for 15 governorships, progovernment candidates lost in the biggest and most influential states, including Sao Paulo...
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...