Word: janeiro
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With its pastel-colored stucco buildings, palm-lined harbor and sandy beaches, this city nestled in gentle foothills on the Atlantic Coast used to be known as the Rio de Janeiro of Africa. Now, in most respects, Luanda is a ghost of its former self. In the once thriving downtown, at least two-thirds of the stores have closed. Merchants, unable to purchase supplies, have boarded their doors. The few shops that remain open display almost their entire stock in the front window. Prices are inflated: in one showcase, a pair of secondhand children's trousers was marked...
...some $90 billion and is in its third year of a deep recession. The country is promising to undertake tough austerity measures so that it can begin paying off its debt, but those steps are intensifying already serious social unrest. Last week food riots broke out in Rio de Janeiro. Says one U.S. Treasury official: "Brazil is the key to the entire Latin American debt problem...
...rats. "I have never seen the likes of this in my life," said Pontes Neto, a Red Cross official. "The children all have the same sickness, worms and chronic hunger." Shoeless looters roaming city streets have panicked retailers. All last week, heavy looting took place in Rio de Janeiro suburbs. In one wild afternoon, a mob of 400 sacked four grocery stores in the area, ripping down steel gratings and smashing windows. Says Security Guard Anzio Gomes Monteiro: "They seemed crazed, wanting to break everything, and said they were hungry and thirsty...
...economy gradually got out of control. Government spending became too lavish. Subway systems under construction in Rio de Janeiro and São Paulo, which have absorbed $2.1 billion so far, are the most expensive per mile in the world. Runaway deficits led to more and more foreign borrowing and fueled relentless inflation, which already averaged 20% a year in the early 1970s. When the global energy crisis hit in 1973, Brazil was overextended and vulnerable. Over the next six years, the country had to pay $35 billion, all of it borrowed, for oil imports...
...expanded the Herald's domestic and foreign bureau system to its present bases in Atlanta, New York City, Washington, Jerusalem, Peking, Santiago, Rio de Janeiro and El Salvador, as well as adding a correspondent on Latin America based in Washington. The Herald's coverage of Central America is generally lauded as alert and thorough. The paper was among the first to launch a weekly business and financial supplement as well as a Sunday magazine, Tropic...