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VENDOR STANDS AMID UNSOLD TELEVISION SETS IN BRAZIL, 1997-11-11 (photo)

IMAGE number
REU8077835
Image title
VENDOR STANDS AMID UNSOLD TELEVISION SETS IN BRAZIL, 1997-11-11 (photo)
Auto-translated text View Original Source
Medium
photograph
Date
1997 AD (C20th AD)
Shooting Date
1997-11-11
Image description

A vendor waits for customers amid dozens of unsold television sets at an appliance store in Rio de Janeiro, November 11. The government announced an $18 billion budget belt-tightening plan designed to slow down the economy and protect it against global financial turmoil. The prime rate more than doubled to over 40 percent, which will slow credit shopping in a climate of uncertainty. Other measures include a ten percent income tax hike, a 15 percent cut in the 1998 federal budget and almost 33,000 job losses in the public sector. BRAZIL ECONOMY

Photo credit
REUTERS / Bridgeman Images
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