Word: funaro
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Dates: during 1980-1989
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...bankers may be able to breathe a little easier now, because Dilson Funaro has lost his job. The contentious Brazilian Finance Minister had hoped to pressure foreign banks into drastic concessions on the country's $108 billion in debts. But last week Funaro, who proved unable to rein in Brazil's runaway economy, was dumped by President Jose Sarney in favor of the more pragmatic Luiz Carlos Bresser Pereira, 52, an economist and businessman. Bresser Pereira promptly devalued Brazil's currency 8.5% against the U.S. dollar in an effort to boost export income, which should improve the country's ability...
Also high on last week's agenda was the international debt problem, which heated up last February when Brazil suspended payments on its $68 billion worth of foreign bank loans. Brazilian Finance Minister Dilson Funaro was at the meeting, trying to win support for new credit to his country. He warned that debtor nations were on a "very short lifeline" and "being pushed to the end of their payment capacity." But Funaro received little encouragement from the G-7 representatives, who maintain that Brazil must reform its economy and curb its rampaging 600% inflation rate...
...Brazilian posture was outlined by Finance Minister Dilson Funaro in a speech he gave last week before the ruling Brazilian Democratic Movement Party. Funaro repeated his vow to withhold interest payments until a debt- restructuring agreement is worked out. Any pact, he said, must involve a reduction in Brazil's interest obligations. Such a decline is necessary, Funaro argued, in order for the Brazilian economy to expand...
Brazil's labor unions and the business community put much of the blame for the economic turmoil on Sarney and his Finance Minister, Dilson Funaro. Ironically, only a year ago Sarney was hailed for imposing the freeze on prices. But the artificial restraints generated an intense consumer demand that put renewed pressure on the economy. Before long, production capacity that was needed to turn out exports was being diverted to satisfy domestic demand. Even so, shortages of meat, milk, eggs and many other products developed. Ignoring the ill effects of the freeze, Sarney persisted with the controls until after congressional...
...government faced a barrage of protests. In response, Sarney decided to oust the president of Brazil's central bank, Fernando Bracher, who was under criticism for letting interest rates rise too high. His replacement was Francisco Gros, an economist trained at Columbia University and a friend of Finance Minister Funaro's. The appointment of Gros strengthened Funaro's grip on financial policy, but the minister has yet to convince foreign bankers that he has a viable program for straightening out the economy...