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- Title
Brazil as a creditor: sterling balances, 1940-1952.
- Authors
de Paiva Abreu, Marcelo
- Abstract
The article deals with the history of the accumulation and uses of Brazilian sterling balances, the issue that dominated Anglo-Brazilian economic relations in the 1940s, and the net costs incurred by Brazilian in advancing a sizeable long-term loan to Great Britain. There was fear in London, as Brazil became short of sterling not long after the signing of the agreement, that Brazil would suspend its debt service, so the Brazilian account had to be fed. Brazil's shortage of sterling remained a problem until mid-1941. Some British companies were taken over early in the war: the Southern San Paolo Railway, the Sorocabana Railways, and subsidiaries of the Brazil Railway such as the Brazil Land and Cattle. British pressure notwithstanding to be explained by the need to find an example of a well behaved creditor before the start of the more important negotiations with India and Egypt Brazil refused to consider the proposal, arguing that Brazil's participation in the war had been no less important than that of other allies.
- Subjects
BRAZIL; UNITED Kingdom; COMPENSATORY balances; PAYMENT; LOANS; INTERNATIONAL relations
- Publication
Economic History Review, 1990, Vol 43, Issue 3, p450
- ISSN
0013-0117
- Publication type
Article
- DOI
10.2307/2596943