Word: brazill
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...country's punch-drunk economy gets much less attention than the shake-ups transforming Eastern Europe, his monetary program . is every bit as revolutionary. To corset the bloated public sector and turn the economy over to the entrepreneurs, Collor has adopted policies more radical than anything attempted in Brazil in decades -- or perhaps ever -- since taking office on March 15. His approach, says Kenneth Maxwell, senior fellow at the New York City-based Council on Foreign Relations, "is the most severe one-bullet strategy to beat inflation attempted anywhere in the world...
...bank has some $8.4 billion in outstanding loans to less developed countries, or LDCs. Since 1987 Citi has been forced to write off or set aside reserves of $4 billion to cover bad LDC loans. Last year its net earnings plunged by 73%, to $498 million, partly because Brazil failed to make a $250 million interest payment...
...interagency group of regulators instructed the banks to write off an additional 20% of $2.9 billion in loans made to Argentina and 20% of $11 billion loaned to Brazil. The announcement was unexpected, since both countries have recently achieved some economic gains. Although Brazil has been delinquent on its long-term debt, President Fernando Collor de Mello has launched promising economic reforms since taking office in March. Argentina last month began paying some interest after a two-year halt...
...sold a large consignment of automatic weapons to Antigua, purportedly for its army. The guns wound up on one of Rodriguez Gacha's country ranches, where they were confiscated after his death. Chemicals needed to refine cocaine, once ordered from the U.S. and Western Europe, now come from Brazil and Ecuador, which are also becoming new production centers...
...period of strict economic austerity, gangs of kidnapers are bidding to become Brazil's richest citizens. More than two dozen people, mostly businessmen, have been abducted and held for ransom in Rio de Janeiro so far this year. Last week brought the third in six days...