"Brazil," said newly appointed Finance Minister Oswaldo Aranha last week, "is a sick patient that needs to be told the truth." The truth, as Diagnostician Aranha bluntly told it, was even worse than the patient had thought: "Our total trade debt amounts to $1 billion. We owe the U.S. nearly $500 million." At home, "the cost of living has increased 11% more in the last five months; new money in circulation has increased 4 billion cruzeiros."
Called to the bedside at the urgent request of his old friend President Getulio Vargas, Dr. Aranha prescribed a harsh remedy for the high-living...
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