Under the stiff terms of last year's $300 million U.S. Export-Import Bank loan, Brazil was required to pay off the entire sum in two years, starting this fall.
After studying his figures on foreign-exchange availabilities, Bank of Brazil President Marcos de Souza Dantas decided that there was a question Washington must be asked: Did the Export-Import Bank want Brazil to cut its purchases from the U.S. by one-third, or would it rather maintain the flow of business by lengthening the period in which the loan could be repaid?
Taking his question to Washington last week, Souza Dantas made his country's...
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