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External debt : Brazil and the international financial crisis / Marcos Arruda ; translated by Peter Lenny.
Author
Arruda, Marcos
[Browse]
Format
Book
Language
English
Εdition
1st ed.
Published/Created
Sterling, Va. : Pluto Press, in association with Christian Aid, 2000.
Description
1 online resource (168 p.)
Details
Subject(s)
Debts, External
—
Brazil
[Browse]
Debts, External
—
Developing countries
[Browse]
Brazil
—
Economic conditions
—
1945-
[Browse]
International Monetary Fund
—
Brazil
[Browse]
Summary note
Brazil owes almost $250 billion to private banks, governments and multilateral agencies. External Debt provides a concise history of Brazil's financial crisis. Marcos Arruda focuses on the government of Fernando Henrique Cardoso and its agreement with the International Monetary Fund. He examines how Cardoso's economic policies have brought Brazil to financial ruin by submitting to the dictates of the IMF and the US government. Despite this, the author argues, Brazilians are neither passive nor resigned to Cardoso's policies. Arruda describes the viable alternatives which the government and opposition parties have both failed to realise, and examines a range of related key issues, such as the Jubilee 2000 Debt Campaign and its Brazilian dimension.Arruda explores the ways in which social movements in both hemispheres have developed a global network around the issue of over-indebtedness, and the extent to which their pressure on authorities has led to important policy changes on the part of creditor governments and multilateral institutions. The study concludes with an assessment of a range of proposals submitted by national and international forums, demonstrating that civil society around the world is mobilised towards equitable relations between North and South.
Notes
Bibliographic Level Mode of Issuance: Monograph
Bibliographic references
Includes bibliographical references (p. [159]-163) and index.
Language note
English
Contents
Intro
Dedication
About Christian Aid
Contents
List of Tables
Chapter One:
Chapter Two:
Chapter Four:
Abbreviations
Introduction
1. E( x) ternal Debt: Understanding Brazil's Debt Crisis
What is External Debt?
Is External Debt a Motherless Child?
How Do You Pay External Debt?
Who Do You Pay External Debt To?
Who Pays External Debt?
How did External Debt Begin?
'We did not Get into Debt, They Got Us into Debt!'
'We did not Develop, We Under-Developed!'
Capital Takes All, Social Spending Gets the Crumbs
A Good Budget Makes for Good Planning
The FHC- IMF Agreement: And the Government Promised not to Govern with Packages
Cancel Unpayable Debts
Notes
2. Trojan Horse: Brazil and the International Financial Crisis
The Real's Three-Legged Prop Starts to Fall Apart
Brazil and the IMF ( International Misery and Famine)
Are There Ways Out?
3. Neo-liberal Adjustment and Globalization: A Southern Perspective
The Historical Roots of the Adjustment Project
The International Monetary Fund ( IMF) Recipe
Adjusting to Competitive Globalization
Economic and Social Impacts
Opportunities and Challenges
4. For a Debt- Free Millennium
The Burden of Unpayable and Unsustainable Debt
The Movements
Partial Successes: Official Relief
Alternatives, from Society's Point of View
Brazil Jubilee 2000 Campaign - Proposals being Discussed
Appendix 1: Debt Glossary
Appendix 2: Alternative Debt Policies being Discussed by Jubilee 2000 Japan
What is Jubilee 2000 asking Japan to do?
Appendix 3: The Jubilee South Summit in Johannesburg
Challenging and Changing Debt and Economic Policies of Southern Governments
Struggling for National Social Transformation
Bibliography and Further Reading
Index
Acosta, Alberto 87-8.
adjustment
61-7
and cycle of indebtedness 63
and globalisation 64-5
exports 62-3
new approach 64-5
price stabilisation 62
social costs of 51-4
spending cuts 62
structural adjustment 64-5
Africa 79
Alliance for a Responsible and United World 118
Amerindians 10
amortisation 6
AMRO 8
Andean Central America 100
Angola 103
Aranha, Oswaldo 11
arbitration tribunal 27
Argentina
9
dependence on Brazil 15
moratorium law 88-9
unpayable debt 2
Asian crisis 21
Asian Tigers [Asian Dragons]
21
29n
asset stripping 111
Assoziazzione Beati i Costruttori di Pace 97
ATTAC [Association for the taxation of financial transactions for citizen's support] 117
Azeredo, Governor Eduardo 52
bailing in 86-7
Banca Etica 97
Banco do Brazil 51
Bangkok 123-4
Bangladesh 82-3
banks, rescue of 42-3
Basque country 97
Basualdo, Eduardo 91
Benin 108
Berlin Tribunal 89
Blair, Tony 151
BNDES 37
Bolivia 23
Brady bonuses 86
Brady Plan 87
Brazil
5
and debt service 47
and democracy 18-19
and exchange rate controls 50
and exchange rate controls 126
and external debt 1
and IMF 20-2
and IMF conditions 45
and interest rates 16-17
and international speculation 16
and international speculation 19
and international speculation 30
and loan conditions 50-1
and military dictatorship 11
and military dictatorship 131-2
and privatisation 19
and privatisation 48
and social spending cuts 17
and social spending cuts 38
audit of foreign debt 129-30
corruption 18
decapitalisation of 48
deregulation 33
devaluation 15
devaluation 53
elections 19
elections 65
environmental debt 1-2
exports and imports 7
exports and imports 83-4.
External Debt Symposium proposals 28-9
external investment 7-8
external investment 33
FHC-IMF adjustment programme 1
financial crisis 2
fiscal adjustment 51-4
fiscal deficit 46-9
importance of rescuing 48-9
inflation 35
insolvency 1
interest payment 6
interest payment 40
internal public debt 1
internal public debt 47
Jubilee [ 92
Jubilee [ 127-33
land reform 54
Letter of Intentions 40
liberalisation 32
monetarism 33-6
moratorium 11
of public assets 9
of public assets 129
over-indebtedness 84
over-indebtedness 131
overvaluation of Real 36-8
overvaluation of Real 45
pension system 53-4
political debt 1
protest demonstrations 39
public deficit 38
renegotiation of debt 6
renegotiation of debt 57
social crisis 51-4
social debt 1
social needs 22
taxation 45
trade balance 85
trade liberalisation 36
Trojan Horse policy 30
unemployment 9
unsustainable debt 125
Brazil Network on Multilateral Institutions 56
Brazilian Central Bank
34
47
Bretton Woods institutions 72
Britain
and debt cancellation 107-11
Jubilee [ 107
Brown, Gordon 107-8
Bryden, David 113
Buenos Aires Declaration 122-3
Bunding, Madeleine 93
Burkina Faso 23
Burundi 23
Buxton, Nick 107-9
Cafod 23
Caixa Econômica Federal 51
Calcagno, Alberto Eric 88
Camdessus, Michel 41
Cameroon 23
Canada 8
Canadian Ecumenical Jubilee Initiative 112
capital flight 1
capitalism 2
Cardoso, Fernando Henrique
19
38
and external debt 16
and external debt 34
and fiscal deficit 46
and internaldebt 36
as Finance Minister 40
dependence on foreign capital 9
dependence on foreign capital 30
impeachment 39.
irresponsibility 47
programme 1
social spending 54
Caribbean 66
Castro, Fidel 91
Catholic Church 94
CCFD [Catholic Committee Against Hunger and for Development] France 107
CEBU Declaration 97
Centrais Elétricas de Minas Gerais 37
Central Bank of the United States 15
Centri Missionari Diocesani del Nord-Est 97
Cepaline 87
Chagas, Carlos 51
Chile 12
China 8
Christian Aid 23
Christianity, and usury 7
churches
and external debt 29
and external debt 91
and Jubilee [ 101
CIDSE [International Co-operation for Development and Solidarity] proposals 23
Citibank 8
Citizen's Collective against the WTO 117
civil society
and mass education 119
influence of 3
organisations [CSOs] 99
organisations [CSOs] 121
participation in debt cancellation 27-8
participation in debt cancellation 120-1
protest movements 51
Clinton, President Bill
41
151
Club of Paris 27
co-operation 32
Cologne Debt Initiative
101-5
achievements of 102-3
insufficiencies of 103-5
Cologne, Jubilee
96-7
Colombia 13
Columbus, Christopher 10
Commonwealth, and over-indebtedness 111
communications, democratization of 71
compensation, for war crimes 10
complementarity 32
compound interest 81
Conable, Barber 73n
Conceição Tavares, Maria da 91
Congo 23
Continental Social Alliance 117-18
Coordinamento Caritas Diocesane del Nord-Est 97
Correio Braziliense 51
corruption 18
Costa Rica 89
CPMF [Provisional Tax on Bank Transactions] 35
creditors
1
packages 44
pressure to cancel debt 109
private 100
responsibility for debt 12
responsibility for debt 106
Cruzado Plan 39
Cry of the Excluded 92
Crédit Agricole 8
Cuba 8.
Côte d'Ivoire [Ivory Coast] 23
Davos International Economic Forum, Switzerland 111
debt cancellation
48
conditions for 103
Debt Free Millennium
4
116-18
ceiling on 28
ethical 127
European initiatives 105-12
Japan 151-3
Jubilee [ 15
mass mobilisations for 98-9
North American initiatives 112-14
policies regarding 155
postponing 52-3
principle accepted 116
programmes 23
programmes 107-8
social movements 117-27
success of movements 99-103
transparent decision-making 22
transparent decision-making 27
unconditional 155
debtors' alliance 158
Debtors' Cartel 120
default/insolvency, international system of 27
democratisation 117
denationalisation 131
deregulation 28
Deutsche Bank 8
dollar 3
dollarization
86
as international currency 43-4
Dominican Republic 9
Duboc Pinaud, João Luis 91
Dwarfs on the Budget 18
East Asia 15-16
ECLAC [UN] 13
economic development, and foreign investment 61-2
economic liberalism 68
Ecuador
86-8
moratorium 86
education 23
Egypt 107
El Agustino 93
El Universo 123
empowerment 69
England 8
Enhanced Structural Adjustment Facility [ESAF] 113
Ethiopia 23
European Union, debt 127
external debt
78-80
and cycle of indebtedness 80
and human rights 121-2
and illegitimate regimes 12-13
and illegitimate regimes 106
and social development 91
cancellation 2
creating dependence 6
creating dependence 119
definition of 5-6
effect on people's lives 8-9
government backing for private debt 130
illegitimate 28
odious debts 106
odious debts 155
reasons for borrowing 81
repayment 7-9
responsibility for 106
responsibility for 154-5
risk tax 130.
vicious circle 6.
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ISBN
1-84964-100-5
OCLC
70765118
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External debt : Brazil and the international finance crisis / Marcos Arruda ; translated by Peter Lenny.
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9932487563506421
External debt : Brazil and the international financial crisis / Marcos Arruda ; translated by Peter Lenny.
id
9994593783506421