Word: cruzeiro
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...Congress without military interference, was a less happy choice. Into Brazil's vice-presidency went José Maria Alkmim, 62, an old crony who for 28 ill-starred months served as Kubitschek's Finance Minister, during which time scandals rocked the ministry, the value of the cruzeiro dropped 50%, retail prices soared 60% and the treasury debt to the Bank of Brazil tripled...
...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...