Word: cruzeiro
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Dates: during 1960-1969
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...value of the cruzeiro dropped 83%. The country ran up a staggering $3.7 billion foreign debt, with almost no hope of repaying it. Foreign investors kept their capital safely at home, or sent it anywhere but to Brazil...
While Carvalho Pinto was talking confidence to businessmen, Goulart gave a magazine interview warning of an impending "social disaster of catastrophic consequences," an interview that sent the cruzeiro tumbling (presently 1,220 to the dollar). While Carvalho Pinto called for austerity, Goulart gave the green light to hire more government employees. Twice Carvalho Pinto submitted his resignation; each time Goulart talked him into staying...
...broadcast. In Brasilia President Joao Goulart canceled all appointments and camped by his radio; congressional committees recessed; Alliance for Progress meetings in Sao Paulo were scheduled around game time. And in Rio 150,000 passionate souls, every man jack of them willing to part with his last cruzeiro, squeezed into Maracana Stadium for the games. Games? It was more like a Latin American madness...
...problems were not new. They were just getting worse. Sucked up by a fierce inflationary spiral, the country's cost of living soared 45% between January and August, while the value of the cruzeiro tumbled 14%. At one point last week, 30 major walkouts were under way or immediately threatened-a streetcar strike in Rio, a railroad strike in Sao Paulo, a bank strike throughout the country...
Recognizing the need for a bigger note, the government has just issued the first batch of 5,000-cruzejro bills - a relief to U.S. visitors, who find their pockets stuffed with string-tied wads of 500-and 1,000-cruzeiro bills. One effect of the new bills was to send the sinking cruzeiro into another downspin, from 850 per dollar to more than 900. " The new 5,000-cruzeiro notes," said a harried Rio exchange-currency broker last week, "are already obsolete." He is so right. Before the Brazilian Congress is a new proposal to authorize 10,000-cruzeiro bills...