Word: cruzeiro
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Dates: during 1960-1969
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...political and economic life. In the twelve months since, a calmer, somewhat chastened Congress has passed more than 200 new laws and constitutional amendments. Among them: agrarian reform, a complete income-tax overhaul, and a law revamping the banking system. The national budget has been cut by 30%. The cruzeiro currency, once skyrocketing toward its namesake Southern Cross, has started to level off, and the cost-of-living increase, Brazil's chronic bugaboo, has declined by 19% in the past year. The U.S. has put up $450 million in aid, while other lenders have chipped in another $300 million...
...Under Castello Branco's order, Panair's domestic service will go to Cruzeiro do Sul and VASP, which fly to most of the same cities anyway. The real prize, Panair's routes to Europe and the Mideast, will go to Varig, which is already South America's biggest airline and by far its best. Founded in 1927, Varig has been run for the past 23 years by Ruben Berta, 57, a onetime Lufthansa accountant who has built it into an international operation with routes to South America's west coast and the U.S., a huge...
...sixty-five one-hundred thousandths of a U.S. cent. Valued at one twentieth of a cent ($.0005) when it was first issued in 1944, the centavo became a victim of Brazil's roaring inflation, and last week the government finally declared it extinct. So is the one-cruzeiro note (worth 100 centavos), which cost four cruzeiros to print. From now on, cruzeiros up to the 500 denomination (value: 33?) will be issued as coins. As for the centavo, it immediately became worth more dead than alive. Last week an early ten-centavo piece was fetching 500 cruzeiros from coin...
...Prices still rise practically every day," says one Rio householder, noting that salt went from 90 to 128 cruzeiros a kilo in August alone. Some Brazilians hold two and sometimes three jobs to make ends meet. Hardly anyone has money to save. Every extra cruzeiro is socked into time payments for autos, refrigerators, TV sets and other nonperishable inflation hedges that hold their value...
...Brazil's army toppled Leftist President Joao Goulart, the government has pushed through a 30,000-unit low-cost housing program, and is now steering broad agrarian, tax and banking reforms toward a vote in Congress. Businessmen are beginning to regain their confidence in the country, and the cruzeiro, which snapped back from 1,700 to the dollar just before the revolution to 1,300 on the day of Goulart's ouster, has remained steady ever since...