Word: spiraling
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...economic collapse. Last week, the IMF doubled up, putting together a $30 billion rescue package to both stabilize the troubled Brazilian economy and boost international faith in the rest of Latin America. The IMF hopes the package - its largest-ever in dollar terms - will break Brazil's downward spiral of plummeting currency values, rising debt and poor growth prospects. Crucially, the package has the support of the main political parties set to contest October's elections in Brazil. Under its terms, Brazil must maintain a budget surplus of 3.75% of gdp: if the winner of the election does not meet...
...also taking a clobbering because of their exposure to Brazil. Over the past 10 years, Spanish firms have poured more than €50 billion in Brazil - double the amount invested in Argentina - particularly across the telecom, banking and energy sectors. But the Brazilian real has gone into a downward spiral - the currency has lost one-third of its value since April - and taken some Iberian earnings along for the ride. Last month, Spanish giant Telefónica cited currency woes as a reason for its reported 23% fall in Latin American revenues in the first half of 2002. Last week...
...concept of pre-emptive strikes is very scary. If the U.S. says it will attack first, what would stop others from doing the same to us? This could result in a downward spiral to death and destruction. This Bush doctrine, like some of his others (withdrawing from the ABM Treaty, development of a space-based missile-defense shield), will make the world not a safer place but a more dangerous one. DAVID ATWOOD Houston...
...Even more importantly, Ireland still has near-total employment, with joblessness at a historically low 4.4%. Price inflation, which averaged 4.9% last year, is always a concern, but so far it seems to be moving toward convergence with the rest of Europe rather than sparking a wage-price spiral. If those trends continue, Ireland might not exactly roar, but it looks set to purr along quite nicely. CORPORATE MANAGEMENT It's a Quick Trip Down from the Top "so long, it's been good to know yuh," Woody Guthrie wrote in a 1935 song about migrants during the Great Depression...
...life's more typical crises: losing a job, having an annoying neighbor or flirting with someone you shouldn't. The best of the four tales in this collection, "Hawaiian Getaway," features Hillary Chan, a twenty-something child of Asian immigrants who loses her job and starts a downward spiral of guilt and self-loathing. Driven to distraction by a demanding, critical mother and a patronizing, "successful" younger sister, she begins making increasingly nasty prank calls to the payphone outside her window. Strangely, one of these results in a date with a decent guy. Will she see him again? It ends...