Word: goulart
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Politics as Usual. What happened to Carvalho Pinto is typical of how Goulart operates. Pinto's predecessor as Finance Minister was Francisco San Tiago Dantas, whose promises of fiscal good behavior brought $398.5 million in U.S. aid at a tight moment. Dantas lasted less than six months before Goulart fired him. To quiet the outcries of the fiscal community, Goulart put in Carvalho Pinto, a hardheaded conservative. For a time Pinto was able to stop the endless cranking out of meaningless new currency; he also fought against featherbedded government payrolls, called on workers and management to hold down wages...
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...
...while, Brazil's powerful leftists were pressuring Goulart to replace Pinto with one of their men. Leading candidate for the job: Leonel Brizola, 41, Goulart's rabble-rousing brother-in-law and anti-Yankee federal Deputy. At first Goulart seemed to resist, then to wobble: "I have not asked any person to take part in the Cabinet. But if I did, I would be using an incontestable, legitimate and constitutional right. The people of Rio gave Brizola the greatest vote they have ever given to a Deputy...
Scoffed Carvalho Pinto: "Brizola has every right to become Minister of Finance, since he fulfills all the constitutional requirements for the job-one of which is to be more than 20 years old." By now Goulart was busily circumscribing Pinto's authority, and Pinto resigned as a matter of duty-"the duty of being coherent at an hour when the demagoguery of some and the greed of others seem to prevail...
Debts to Pay. Is Goulart's crony Galvao just an interlude before worse comes? The U.S. hopes not. Of Brazil's $3.8 billion foreign debt, $1.6 billion falls due between now and 1965, with the U.S. Government and private creditors holding the bulk of it. Brizola has been crying for an outright moratorium on repayment. But President Johnson wrote Goulart a personal letter offering to help Brazil reschedule its debt payments. "The U.S. Government," said Johnson, "stands ready to participate in negotiations for this purpose." Still, the Brazilians gave little sign that they had much present intention...