Word: funaro
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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...
Finance Minister Dilson Funaro, stung by criticism of the economic-reform package that he helped shape, submitted his resignation. Funaro returned to work, however, after Sarney expressed confidence in him and refused to accept his departure...
...objected to the leadership role of the U.S. Said Finance Minister Luis Alva Castro: "We do not accept there being a single country that is subject to no control whatsoever while the countries of the Third World are condemned to hunger." Even so, Brazil's Minister of Finance, Dilson Funaro, whose country is the biggest Latin American debtor, said that he was "very optimistic" about the plan and that it was "a good...
...Gail Funaro Cerritos, Calif...