Word: cruzeiro
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Dates: during 1950-1959
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After President Juscelino Kubitschek made José Maria Alkmim his Finance Minister 28 months ago, Brazil's economic position steadily slipped. The cruzeiro free rate dropped from 70 to 147 to the dollar. A 14 million-bag mountain of surplus coffee piled up, and so did the balance of payments deficit. The U.S. promised help -provided something was done about the fiscal chaos. Last week Kubitschek replaced Alkmim with Lucas Lopes, a brilliant engineer who masterminded Kubitschek's ambitious development plan...
Over rutted Brazilian jungle trails last week jounced a task force of clay-spattered, green-and-yellow jeeps, carrying as incongruous a crew as ever penetrated the steaming wilderness. They were securities salesmen, hardy young men carrying briefcases, who were on their way to sell a 208 million-cruzeiro ($1.6 million) issue of stock in Willys Overland do Brasil to back-country natives who had never even heard of Wall Street...
Sign the Mayor. Dauphinot left Kidder in 1946 and formed Deltec S.A. in Rio de Janeiro. Initial capitalization: about $2,500. His first deal was to sell a 15,000,000 cruzeiro ($750,000) stock issue for an American & Foreign Power Co. subsidiary. With a sales crew of 25, Dauphinot began a door-to-door selling campaign. But after six months, only about half the issue had been sold, and all but one salesman had quit. The undaunted survivor, Paulo Quartin, son of a Brazilian diplomat, doggedly kept at the job and succeeded, by year's end, in selling...
While Kubitschek spent for its future greatness, Brazil suffered. The treasury deficit rose $240 million in the first eight months of the year. The cruzeiro hit a low of 96.5 to the dollar last month; living costs rose 20% yearly...
...show were a collection of pale and wan but faultless abstractions by Britain's Ben Nicholson, the weightless, rainbow fantasies of France's Marc Chagall, and 30 dim-dusty canvases by Italy's Giorgio Morandi. Nicholson and Chagall were considered stiff contenders for the 300,000-cruzeiro ($3,780) grand prize. After the usual frenzied politicking, the 17 international jurymen settled on Italy's Morandi...