Word: kubitscheks
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Brazil, its costs spiraling higher and higher, has been without substantial foreign aid since 1959, when ex-President Juscelino Kubitschek refused to end his wild spending and to accept International Monetary Fund recommendations of deflationary austerity. Quadros is prepared to accept IMF terms. He has already introduced drastic currency reforms that have, in effect, raised prices by ending subsidies on the retail price of such commodities as bread (up 77%) and gasoline (up 80%). He has fired 35,000 government employees, and slashed the salaries of upper-rank government employees 30%. The result has been noisy grumbling that threatens Quadros...
understanding and support." The Bad News. Quadros' hope of winning U.S. support rests chiefly on his domestic policies. He inherited from his flamboyant predecessor, Juscelino Kubitschek, a cumulative $1 billion budget deficit, prospects of a $700 million balance-of-payments deficit, and rampant inflation...
...less striking was the similarity of viewpoint, for Quadros also obviously viewed his job as that of a young man called in to solve a grave national crisis. In his inaugural speech, Brazil's new chief made no bones about his belief that outgoing President Juscelino Kubitschek had brought Brazil to the brink of economic collapse. The nation faced a "terrible financial situation," said Quadros. For all the great dams, roads and factories, Kubitschek's government had run the foreign debt to $3.8 billion, with $600 million due this year. Kubitschek's final budget called...
Back in Brazil, he became enchanted with his native land. With a brush dipped in fantasy, he painted its tangled forests, soaring mountains and garish carnivals. In 1940 President Juscelino Kubitschek, who was then mayor of Belo Horizonte, set up an art school and made him a star instructor. But Guignard, bubbling over and chattering through his harelip, either drank up or gave away everything he made. He once traded a painting for a necktie, recently gave another for a pair of long-toed shoes. The transaction, he said, was "completely fair: they're like the shoes Charlie Chaplin...
Quadros' most grotesque legacy from Kubitschek is the outgoing President's 1961 budget, presented last week. By vastly underestimating expenses and conjuring up imaginary income, Kubitschek's budget wizards produced a fictitious surplus, estimated at 520 million cruzeiros. Even that "surplus" lasted only until Congress met to consider the matter and added more than 1,000 amendments (among them: deputies doubled their living allowances, voted themselves four all-expense round trips to Rio every month). In the blithe realization that it will be Quadros who will have to whittle the monster budget down to unpopular reality, Kubitschek...