Word: kubitscheks
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Dates: during 1950-1959
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After President Juscelino Kubitschek made José Maria Alkmim his Finance Minister 28 months ago, Brazil's economic position steadily slipped. The cruzeiro free rate dropped from 70 to 147 to the dollar. A 14 million-bag mountain of surplus coffee piled up, and so did the balance of payments deficit. The U.S. promised help -provided something was done about the fiscal chaos. Last week Kubitschek replaced Alkmim with Lucas Lopes, a brilliant engineer who masterminded Kubitschek's ambitious development plan...
...took political courage for Kubitschek to make the switch. Alkmim's policy of holding coffee off the market to exact higher prices succeeded mostly in giving the market to other coffee-producing countries, but it had great chauvinistic appeal to the powerful leftist nationalists. Lopes, 47, believes that heavy investment of foreign private capital is needed to boost per capita income. At the present rate of production growth, he says, "it would take slightly more than 20 years to reach the $400 per capita income level...
...major radio and TV speech, Brazil's President Juscelino Kubitschek last week called for a "meeting on the highest political level"-a hemisphere summit talk-to solve Latin America's "disease of underdevelopment." He dubbed the task of developing Latin America "Operation Pan American," and in effect appealed for a Marshall Plan...
Speaking from a paneled room of Rio's Catete Palace, with 20 hemisphere ambassadors present, Kubitschek praised the U.S. for its prompt aid in reconstructing war-ruined European economies. But, he said sadly, Washington did not show "equal interest in the serious problem of development in countries still with rudimentary economies." Thus, according to Kubitschek, Latin America found itself "in a more precarious and afflicted position than the nations devastated by war, and has become the most vulnerable point within the Western coalition." The President warned: "The Western cause will unavoidably suffer if in its own hemisphere no help...
...American summit talks. Washington would prefer a meeting of foreign ministers for hard conference work, topping that meeting off with a symbolic gathering of Presidents afterward. The U.S. view is widely understood; Brazilian Foreign Affairs Minister Jose Carlos de Macedo Soares resigned last week in protest over Kubitschek's call for presidential talks...