Word: cruzeiro
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Dates: during 1990-1999
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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...