Brazil: Back with Backing from Abroad

When the 1964 Brazilian military coup ousted Leftist Joao Goulart and installed President Humberto Castello Branco, one of the country's most desperate needs was an infusion of private foreign capital. Goulart's free-spending ways had so fanned chronic inflation that the annual increase in the cost of living was nearly 150%. Foreign investors had started paring their spending plans. Many companies had contemplated shutting down and forgetting the whole thing; one, International Harves ter, did just that. Now, only 21 years later, a dramatic reversal is under way.

Dimes and dollars, francs and yen are again swinging down to Rio and...

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