Rainy Days in Brazil

Foul weather and foreign creditors besiege a troubled nation

Once again last week, Brazil was at the brink. Part of its enormous $90 billion foreign debt was coming due, and the country had no way to pay. A team of tightfisted negotiators from the International Monetary Fund was in the capital city of Brasília demanding that in exchange for new loans the government had to curb its spending and cool inflation, which reached an annual rate of 180% during the first half of the year. Meanwhile, Brazilians, incensed by austerity measures already taken, were striking and taking to the streets.

As if that...