Word: brazill
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...banks have nearly $28 billion in loans at risk in Brazil--four times the amount they lent to Russia and second only among emerging markets to their exposure in South Korea. More than 2,000 U.S. companies have investments in Brazil...
Little wonder that on the eve of this week's annual International Monetary Fund meeting in Washington, the IMF and U.S. Treasury Secretary Robert Rubin sent their strongest signals yet that they're poised to assemble a $30 billion package of bailout loans to Brazil. "We believe that the economic well-being of Brazil is critically important not only to our economy but to the entire hemisphere," said Rubin...
Aides to Cardoso privately expressed hope that the promise of a bailout would bolster investor confidence in Brazil. But the country's President knows much more is required. Two weeks before the election, Cardoso went on national television and explained that the country will have to learn "to live within its means." Which means, for starters, that Mayor Almeida can expect...
...jittery traders dismissed the Federal Reserve's quarter-point cut in interest rates as too puny and sent the Dow Jones industrial average plunging 448 points in two days. In Washington State, farmers watched helplessly as their grain piled into huge drifts for lack of Asian buyers. In slumping Brazil, Ford and General Motors, which only recently completed new plants in the country, had to cut production drastically. And the future could be grimmer still, according to the International Monetary Fund, which reported at its annual assemblage of world finance ministers last week that "the risks of a deeper, wider...
...Avenue (Impulse!), one of the fall's most passionate and enjoyable albums. Perez wants to broaden the Latin jazz palette beyond Cuba to embrace the entire hemisphere. And why stop there? In one cut, the 32-year-old pianist works in motifs from his native Panama as well as Brazil, Cuba, the Middle East (via Spain) and, thanks to the contributions of a tabla player, India. Perez sees a pendulum effect at work: after a period of retrenchment, jazz, as it often has been in the past, is in a more acquisitive mood. "It's like religion," Perez says...