BRAZIL: R--Austerity

Three weeks in office had given President João Café Filho the inside details he needed to judge Brazil's economic plight. Last week, in an emotion-choked broadcast over all the country's radio stations, he laid the somber facts on the line. Brazil is in a "dreadful crisis," and the public has to face it. Revelations, all dated from the regime of Getulio Vargas, whose suicide brought Café Filho to power:

¶The budget deficit for the fiscal year will hit $825 million, much of it chargeable to the "ridiculously low" rates of the San Francisco Valley Hydroelectric Agency and other...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!