Word: figueiredo
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...problems are compounded by the government's efforts to slow inflation, currently running at an annual rate of about 150%. In return for roughly $850 million in loans from the IMF and commercial banks, the administration of President João Figueiredo is pledging to trim inflation to 55% next year and cut to zero the rate of growth of its budget deficit, which last year totaled an estimated $50 billion...
...Brazilians had another reason to wind up the talks with the IMF quickly. President Figueiredo, who has a history of heart disease and had been suffering chest pains, had made plans to fly to the U.S. last week for a checkup and a possible bypass operation at the Cleveland Clinic Hospital...
...Figueiredo made a dramatic appearance on Brazilian television Wednesday night. Admitting that "nature is being cruel to us" and that "the economy is ill," the President prescribed a shock treatment to reduce inflation. He decreed that beginning in August, cost of living wage hikes for all Brazilian workers would be limited to only 80% of increases in the consumer price index. In addition, increases in rents, mortgages and other payments tied to inflation would be subject to the same...
...touches on a preliminary agreement clearing the way for additional loans that would save the country from default. Backing down from its earlier demand, the BIS announced that it could wait for its $400 million until Brazil had new IMF money. Confident that the immediate financial crisis was past, Figueiredo jetted away to keep his doctor's appointment...
...employees at two state oil refineries. It was the first work stoppage in the crucial energy industry since a military coup ousted the last elected civilian government in 1964. In Rio de Janeiro, 30,000 protesters marched; many waved placards urging the government not to surrender the nation. After Figueiredo's speech, which seemed to confirm the public's fears, Joaquim Dos Santos Andrade, president of the São Paulo Metalworkers Union, said: "This is the best way to throw more wood onto the fire." A coalition of 31 metalworker unions called for a one-day nationwide...