Word: cruzeiro
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According to a study by Morgan Stanley Capital International, the 1991 world champions came from Latin America. The markets in Argentina, Mexico and Chile were up 403%, 120% and 106%, respectively, after converting local currency gains into dollars. (Brazil, an even higher flyer, lost out on conversion: the cruzeiro sank about as fast as the market rose.) But it wasn't just a Latin carnival. The Philippine stock market trebled Wall Street's 26% gain, Hong Kong nearly doubled it, and Australia matched...
...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...
...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...
Inflation, devaluation and near economic collapse have reduced the buying power of Brazil's cruzeiro by 26.4% over the past six months. But in Sāo Paulo (pop. 12 million), the country's financial capital, the currency has gained in popularity with a certain class of entrepreneurs: stickup men, who are carrying cruzeiros away in record amounts. Bank offices in Sāo Paulo have been held up more than 700 times so far this year, nearly double the 1982 pace. Though bankers are reluctant to disclose their losses, one government estimate puts the 1983 haul...
...that unusual price hikes caused by temporary food or energy shortages, for example, were built into wages. Instead of remaining stable, the inflation rate tended to accelerate uncontrollably. The price index in Brazil has become almost like a clicking meter in a speeding taxicab, and the value of the cruzeiro against the dollar falls by 2% or 3% every week. Late last week it took 568 cruzeiros to buy a dollar...