Word: cruzeiro
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...loose from Portugal, its currency was called the real (ray-ahl). After a decade of independence, the government had to proclaim a new unit of currency, awkwardly named the milreis (mill-rayss), meaning a thousand reals. Now, after many more rounds of inflation, the basic currency unit is the cruzeiro (crew-zay-roo), and inflation is shriveling it too. Its present exchange value is a small fraction of a cent. The 1,000-cruzeiro bill, long Brazil's biggest bank note, is worth only a little more than...
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...
...typical Fernandes performance, the kind that has lifted him to his position as prickliest political pundit in all Brazil. Starting out at 19 reporting for Rio de Janeiro's O Cruzeiro, he bounced from paper to magazine to paper, always making a success, always eventually quitting after a scrap with the boss...
...weeks ago, Brizola attacked the group, hinting at shady dealings with the Bank of Brazil. Diários struck back by turning loose David Nasser, 46, Brazil's best-read and most-feared columnist. In a series of four articles in the big (circ. 425,000), slick O Cruzeiro magazine, Nasser laid into Brizola as "the beast of the Apocalypse," "an overfed revolutionary," "a Teddy boy of the pampas." "Saddened is the journalist who has the duty to dip his pen in your putrefied career and in your piffling figure...
...Latin American spiral is largely the result of instability in the peso, escudo or cruzeiro, which in turn increases import prices and wrecks wage levels. In economically advanced nations, however, the increases are a penalty of unpoliced success. Expanding industrial output in the postwar years, these nations tried to avoid labor shortages with higher pay, more overtime and lavish fringe benefits-until wages finally outpaced production. At the same time, increased consumer spending competed for a relatively stable supply of goods and steadily pushed up prices, particularly of food. Britain slowed its spiraling cost of living by instituting...