Word: kubitschek
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Five years ago Brazil's President Juscelino Kubitschek unlocked Brazil's treasure chest, hauled out fistfuls of cruzeiros and headed west, into the empty interior. He covered a lot of ground-establishing the new capital of Brasilia, creating an auto industry turning out 140,000 vehicles a year, increasing the gross national product an average of 6% a year, increasing steel production and power output. The trip was expensive: as Kubitschek prepares to clear out of Brasilia's Palace of the Dawn, the chest he leaves is a Pandora's box of fiscal troubles (see chart...
Last month Kubitschek's money presses clanked out 4.4 billion cruzeiros worth ½? U.S. each, will probably add another 10 billion this month to meet year-end expenses. Total money in circulation: 194 billion cruzeiros-nearly three times the amount when Kubitschek took office. Brazil's builder-spender increased the internal debt more than five times, more than doubled the foreign debt. As a result, the balance of trade has slumped from a $194 million surplus in 1956 to deficits as high as $283 million in the succeeding years...
...keep the inflation-ridden economy from collapsing, Kubitschek must juggle his debts faster and faster. Caught short of dollars two months ago and faced with a six-month, $87.7 million repayment installment to the Export-Import Bank and the International Monetary Fund, Brazil arranged a six-month payments moratorium-but the next Brazilian ad ministration will have to resume payments. To meet the internal demand for dollars, the Bank of Brazil recently started selling (at a discount) certificates for dollars deliverable within 90 days. The first batch of $80 million must be redeemed in dollars beginning...
Though Quadros' campaign pitch curved left and right to suit his audience, he can be expected to follow his own straight line of Brazil-style conservatism. He is committed to continue outgoing President Juscelino Kubitschek's building program, but he intends to hobble inflation. "If inflation could create wealth, there would be no more economic problems." he says. The question is whether he can impose his strong will on Brazil, which has become accustomed to Kubitschek's free-spending, money-printing ways. São Paulo city and São Paulo state were both small enough...
...switch has helped. When the campaign started, Public Works Minister Ernani do Amaral Peixoto, appointed by Kubitschek's Social Democratic Party to coordinate Lott's candidacy, sadly reported to friends that "Lott is unelectable." Urged to expand his campaign itinerary, Candidate Quadros chuckled: "That's all right. Marshal Lott will visit places I can't visit myself, and win them for me." But by last week the lively new Lott was closing so fast that he had Brazilian political experts convinced that he was still solidly in the race...