BRAZIL: Pause for Retrenchment

Two years ago, in a hopeful effort to modernize Brazil's patchwork economy, the U.S. and Brazil set up a joint commission in Rio to pass on rail, electric power, and other projects suitable for development loans. In the spacious cordiality of the hour, U.S. officials predicted that the joint commission's work would bring Brazil from $350 to $500 million in loans from the U.S. Export-Import Bank and the World Bank. Last week, with only $122 million in such loans granted, the U.S. prepared to wind up the commission and send its members home.

Though Brazilians had known about and even assented...

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