Word: inter-american
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...Caracas this week, the finance ministers of 20 Hemisphere nations will hear a report on one part of the Alliance for Progress that no one complains about. It is the Inter-American Development Bank, a sort of hemispheric version of the World Bank, founded three years ago in Washington and run ever since by Chile's Felipe Herrera, 40, an able and articulate economist. To give the bank its $1 billion capital, the U.S. subscribed $450 million; Latin American nations put up the rest, each giving according to its wealth. On top of this the bank also administers...
...billion. This way, the bank would have the reserves to expand its activity in the bond market. Last year the bank raised nearly $100 million on two bond issues sold in the U.S. and Europe. Normally, the market for Latin American bonds is dyspeptic, but the two Inter-American Bank issues were oversubscribed at a premium...
...Dantas had got everything his own way, he would have left Washington with a $568 million aid package. As it was, the highly conditional $398.5 million agreement was none too popular with members of the House Inter-American Affairs Subcommittee before which Dantas pleaded Brazil's case. Said Iowa Republican Harold R. Gross: "It comes close to a betrayal of the American taxpayer.'' Realistically, Dantas accepted the results as "satisfactory," and flew home to report to President Goulart in Brasilia. Then he started planning missions to Western Europe and Japan in a rush attempt to meet...
...American economic problems. Central America already has a common market, of sorts. Since July 1961, the U.S. has committed about $117 million to bolster the area's economy. Of that amount, about $47 million remains unspent. With U.S. pledges made last week, and with additional funds from the Inter-American Bank and other sources, Central America will soon have about $100 million to spend on a vast variety of development projects. There are those who fear that this is more than Central America can, at the moment, use either wisely or efficiently...
...Brazil will uphold its inter-American and Western alliances," promised Foreign Minister Dantas. But at Punta del Este, Uruguay, in January 1962, though he condemned a "Marxist-Leninist government in Cuba," Dantas refused to vote with a two-thirds majority of the hemisphere's nations to expel Cuba from the OAS. His performance so outraged conservatives at home that they blocked Goulart's attempt to make Dantas his Prime Minister. Goulart waited until last January, then made him Finance Minister...