Word: goulart
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...middle road is a difficult political path to follow, especially in Latin America, and Brazil's President Joao ("Jango") Goulart may yet veer back into the leftist demagoguery that gave him his start as a labor leader. But last week he showed that he means what he says about fiscal stability, economic austerity, and a fair shake for foreign investors. At the same time, as an astute politician, he remembered his vows to the nationalists who have long been his supporters...
...attack Brazil's roaring inflation, Goulart raised the required reserves of private banks from 14% to 22% of deposits. The move should cut the amount of currency in circulation, by tightening the amount available for loans. Next, Goulart went after Brazil's sorely unbalanced trade (last year's deficit: $67 million), increasing the rate of exchange from 310 cruzeiros to the dollar to 350 for buying, and from 318 to 359.30 for selling. This should encourage exports and make imports more expensive...
...Goulart's third measure yielded to the clamor from all sides to nationalize major foreign-owned utility companies. But he made it clear that he intends to give fair value for the properties. Since World War II, increased expenses and government-set rates have caught the U.S. and Canadian companies that run Brazil's telephone and power plants in a profit squeeze that has kept them from needed expansion. Canada's $1 billion Brazilian Traction, Light & Power Co. Ltd., which owns 82% of Brazil's 956,000 telephones and one-third of the installed power capacity...
...trip to the U.S. two months ago, Goulart got President Kennedy's general agreement to a plan under which the utilities would be nationalized for fair value. Brazilian Traction agreed. So did American & Foreign Power Co. Inc., whose eleven subsidiaries, worth $250 million, produce 10% of Brazil's power. International Telephone & Telegraph Corp., which recently lost a telephone system to Rio Grande do Sul's Leftist Governor Leonel Brizola and is still trying to collect, was noncommittal. But Goulart's decree last week should do something to ease I.T. & T.'s pain. The government promises...
Home with Goodies. That was Goulart's message to the U.S. last week, and it was well received. In five meetings with Kennedy he found sympathetic understanding for his political problems, and a willingness to help with Brazil's economic difficulties. The day Goulart arrived, Alliance officials agreed to a rapid, no-strings-attached infusion of $144 million to help Brazil's sorely underdeveloped and Communist-ridden northeast-food, water, electricity and housing at the village level. "He came up here with the objective of getting immediate aid with no, or minimal strings," said a U.S. official...