Word: cruzeiro
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...next two years, be carried over until 1967 and then paid off during the next five years. As an added boost, the U.S. has also just approved a $90 million Food-for-Peace program for Brazil, along with a new $50 million loan to help brace the cruzeiro currency...
...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...
...Oliveira Campos, 47, a brilliant economist and diplomat, who was Brazil's Ambassador to Washington until last December, when he quit in disgust at Goulart. As Minister of Economic Planning, Campos knows just how big a task he faces. In 31 months of Goulart, the value of the cruzeiro plummeted 83%, and the cost of living rose 340%. The confidence that had always helped Brazil grow in spite of itself disappeared-and so did many outside investors. Private foreign investment went from $85.1 million in 1960 to a trifling $4,500,000 last year...
Under the bill, every company has 90 days to revalue its assets to bring them into line with the inflated value of the cruzeiro. The companies will then be required to pay a capital gains tax on the new figures. They can either pay in cash or, for a sweetener, buy a stake in the new Brazil by putting the money in short-and medium-term government bonds paying 6% interest. The government also firmly intends to collect some $23 million in back taxes...
Goulart himself borrowed heavily from the bank and never to anyone's knowledge repaid a cruzeiro; the new government is drawing up a list of the loans for possible use in justifying confiscation of his property. More than 500 phantom employees have been found on the payroll of Goulart's Planalto and Alvorada palaces in Brasília-all hired by Jango. Government-paid employees worked on Goulart's ranches; the Brazilian air force built landing strips on them; the Fundação Brasil Central pitched in on construction work...