Word: cruzados
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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...
...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...
...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...
...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...
...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...