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Word: cruzado (lookup in dictionary) (lookup stats)
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...play, abruptly halted most business activity and dropped inflation to 3.29% in April. Collor also announced the immediate abolition of two dozen state agencies and said he would sell off most state-owned industries. In addition, he called for massive public-sector layoffs and higher taxes. The cruzado novo was replaced by the cruzeiro, Brazil's fourth currency in four years...

Author: /time Magazine | Title: Brazil The Biggest Shake-Up | 8/6/1990 | See Source »

...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 the cruzeiro, at a rate...

Author: /time Magazine | Title: Yes, We Have No Cruzeiros | 4/2/1990 | See Source »

...economic controls announced by the government of President Jose Sarney last week received a decidedly chilly reception. Designed to slash the country's 1,580% inflation rate and to attack the $66 billion national debt, the plan will freeze prices, abolish automatic wage hikes and devalue the Brazilian cruzado by 16.4% in relation to the dollar. The government will close six out of 27 ministries, and promises to fire 60,000 employees. Brazil is temporarily suspending any further debt-for- equity swaps with foreign banks and refuses to rule out a new moratorium on payments toward its $115 billion foreign...

Author: /time Magazine | Title: Brazil: A Fiscal Deep Freeze | 1/30/1989 | See Source »

...outcome was also a testament to Sarney's growth-oriented economic policies. Beginning last February, he braked an inflation rate that had been nearing 250% by freezing prices and introducing a new currency called the cruzado. Said Sarney: "This is a victory for the Cruzado Plan," as his policies are called. But the plan generated a surge in consumer spending without a corresponding increase in investment, and has recently produced signs of renewed inflation, which the government now estimates to be running at an annual rate of 10.2%. After the election, the government announced a new set of tax increases...

Author: /time Magazine | Title: Health Enter the Aids Pandemic | 12/1/1986 | See Source »

...campaign to push for a higher level of government spending for health, education and other social programs. In 1983 the richest 10% of Brazilians owned nearly half the country's wealth, while the poorest 50% owned just 14%. Sarney hopes the combination of increased government outlays and the Cruzado Plan, with its price freeze and wage hikes for workers, will help change that...

Author: /time Magazine | Title: Health Enter the Aids Pandemic | 12/1/1986 | See Source »

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