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Update on Brazil

This week's In the News follows past reports of financial crisis in Brazil (see the September 24, 1998 Scout Report for Business & Economics). Since foreign investors began withdrawing their holdings in Latin America's largest economy last September, the Brazilian real began a long plummet, ending in devaluation on January 13, 1999. Measures to curb the currency crisis have included fiscal reforms by recently re-elected Brazilian President Fernando Henrique Cardoso and a "rescue package" of $41.2 billion from the US, the International Monetary Fund (IMF), the World Bank, and the Inter-American Development Bank. Although many journalists view the Brazilian devaluation as another ominous sign of "global economic crisis" stemming from "Asian contagions," others emphasize that it is "too early to panic" and assert that pessimism about Brazil's state is "premature" and "excessive." The ten resources discussed chronicle news and opinion on causes and effects from around the world and provide background information on Brazil.
Alternate Title
In the News: Update on Brazil
Archived Scout Publication URL
Date Issued
Date of Scout Publication
February 11th, 1999
Date Of Record Creation
April 7th, 2003 at 1:24pm
Date Of Record Release
April 7th, 2003 at 1:24pm
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