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Brazil 2
Beginning of essay
On January 12, 1999, over a billion dollars fled Brazil. Three days later, the Central Bank attempted to bring about a limited devaluation of the Brazilian currency, the real, but it failed to prevent a free fall. Over the next two days, another $3 billion was pulled out, and by the end of the mont ....
Middle of essay
....worried that investors would not differentiate between Brazil and the rest of the region, slowing down access to the foreign capital needed to meet their own borrowing requirements. The rest of the world grew fearful of "contagion." For the International Monetary Fund (IMF) and the U.S. Treasury (and ultimately the American taxpayer), which gambled in November 1998 that a huge $41.5 billion package of multilateral assistance for Brazil would sustain the value of the real, the realization began t.... |
| Number of words: 5127 |
Approximate pages: 19 |
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