https://orcid.org/0000-0002-2142-5927
![Sample our Humanities journals, sign in here to start your FREE access for 14 days]({"type":"image" , "src" : "/sda/5939/TOC-Subject-Sample-2021-Humanities.jpg"})
ABSTRACT
This study examines United States (US)-International Monetary Fund (IMF)-Brazil relations amid international financial negotiations in the late 1950s. Washington pressed President Juscelino Kubitschek’s government into seeking loans conditional on the IMF’s standby agreements to advance US foreign economic policy in Brazil. The United States’ tough position persisted despite rising anti-US sentiment in Latin America and the potential damage to United States-Brazil relations, which demonstrates the continuity of US president Dwight D. Eisenhower’s foreign policy. The case of Kubitschek’s Brazil contributes to our understanding of the IMF’s policies in Latin America, the United States’ ongoing economic concerns and Brazilian foreign policy.
Acknowledgements
Earlier versions of this article were presented at the Graduate Institute and the University of São Paulo. I am grateful to Gianfranco Caterina, Giselle Datz, Luah Tomas, Rafael Ioris, Renato Colistete and the anonymous referees from Cold War History for their valuable comments. In particular, Felipe Loureiro provided invaluable guidance throughout this project. Any errors and omissions are my own responsibility.
Declarations of Interest
The author reports there are no competing interests to declare.
Disclosure statement
No potential conflict of interest was reported by the author.
Notes
1 Hal Brands, ‘Intervention and the Limits of Power’, in Latin America’s Cold War (Cambridge: Harvard University Press, 2009), 37; Stephen Rabe, Eisenhower and Latin America: The Foreign Policy of Anticommunism (Raleigh: University of North Carolina Press, 1988), 84–133; Stephen Rabe, ‘War Against Cuba’, in The Killing Zone: The United States Wages War on Latin America (New York: Oxford University Press, 2012), 59; Rafael Ioris, Qual Desenvolvimento? Os Debates, Sentidos e Lições da Era Desenvolvimentista (Jundiaí: Paco Editorial, 2017); Victor Bulmer-Thomas, ‘Inward-looking Development in the Postwar Period’, in The Economic History of Latin America since Independence (New York: Cambridge University Press, 2014), 268; Bevan Sewell, ‘A Perfect (Free-Market) World? Economics, the Eisenhower Administration, Soviet Economic Offensive in Latin America’, Diplomatic History 23, no. 5 (2008): 841–68; Tobias Rupprecht, Soviet Internationalism after Stalin: Interaction and Exchange between the USSR and Latin America during the Cold War (New York: Cambridge University Press, 2015); and Bevan Sewell, The US and Latin America: Eisenhower, Kennedy and Economic Diplomacy in the Cold War (London: I.B. Tauris, 2016).
2 The term ‘conditionalities’ was only popularised a few decades later. For more on the IMF’s conditionality programmes, see Dominique Carreau, Le Fonds Monétaire International (Saint Michel: Armand Colin, 1970); and Margaret Vries, ‘Objectives’, in The International Monetary Fund 1945–1965: Twenty Years of International Monetary Cooperation, ed. Keith Horsefield, vol. II (Washington DC: International Monetary Fund, 1969), 19–35.
3 Jon Kofas, ‘Stabilization and Class Conflicts: The State Department, the IMF, and the IBRD in Chile, 1952–1958’, International History Review 21, no. 2 (1999): 352–85; Jon Kofas, ‘The IMF, the World Bank, and the U.S. Foreign Policy in Ecuador, 1956–1966’, Latin American Perspectives 28, no. 5 (2001): 50–83; Jon Kofas, The Sword of Damocles: U.S. Financial Hegemony in Colombia and Chile, 1950–1970 (London: Praeger, 2002); Claudia Kedar, ‘Dependency in the Making’, in The International Monetary Fund and Latin America: The Argentine Puzzle in Context (Philadelphia: Temple University Press, 2013), 55; Raúl Heras, El Fondo Monteiro y El Banco Mundial En La Argentina: Liberalismo, Populismo y Finanzas Internacionales (Buenos Aires: Ediciones Lumiere, 2008); Pablo Nemiña and Juan Larralde, ‘Etapas Históricas de La Relación Entre El Fondo Monetario Internacional y América Latina (1944–2015)’, América Latina en la Historia Económica 25, no. 1 (2018): 275–313; Noemí Brenta, Argentina Atrapada: Historia de Las Relaciones Con El FMI, 1956–2006 (Buenos Aires: Ediciones Cooperativas, 2008); and Hal Brands, ‘The United States and the Peruvian Challenge, 1968–1975’, Diplomacy & Statecraft 21, no. 3 (2010): 471–90.
4 For Argentina’s and Chile’s cases, see Kedar, The International Monetary Fund and Latin America, 55; Kofas, The Sword of Damocles. For why the USSR did not join the IMF, see Sumitra Chishti, ‘The Soviet Union and International Economic Organizations and Arrangements’, International Studies 29, no. 1 (1992): 1–15. For the close United States-Brazil relations at the beginning of the twentieth century and during the Second World War, see Bradford Burns, The Unwritten Alliance: Rio-Branco and Brazilian-American Relations (New York: Columbia University Press, 1966); Stanley Hilton, ‘The United States, Brazil, and the Cold War, 1945–1960: End of a Special Relationship’, Journal of American History 68, no. 3 (1981): 599–624; and Thomas Smith, Brazil and the United States: Convergence and Divergence (Athens: University of Georgia Press, 2010).
5 Most scholars have examined IMF-Latin American relations from the 1980s onwards. For instance, Manuel Pastor, The International Monetary Fund And Latin America: Economic Stabilisation And Class Conflict (Boulder, CO: Westview Press, 1987); Manuel Pastor, ‘Latin America, the Debt Crisis, and the International Monetary Fund’, Latin American Perspectives 16, no. 1 (1989): 79–110; Michael Hutchison and Ilan Noy, ‘Macroeconomic Effects of IMF-Sponsored Programs in Latin America: Output Costs, Program Recidivism and the Vicious Cycle of Failed Stabilizations’, Journal of International Money and Finance 22, no. 7 (2003): 991–1014; Glen Biglaiser and Karl DeRouen, ‘How Soon is Now? The Effects of the IMF on Economic Reforms in Latin America’, Review of International Organizations 6, no. 2 (2011): 189–213; David Ortiz and Sergio Béjar, ‘Participation in IMF-Sponsored Economic Programs and Contentious Collective Action in Latin America, 1980–2007’, Conflict Management and Peace Science 30, no. 5 (2013): 492–515. Scholars who have analysed earlier periods include Karen Remmer, ‘The Politics of Economic Stabilization: IMF Standby Programs in Latin America, 1954–1984’, Comparative Politics 19, no. 1 (1986): 1–24; Brenta, Argentina Atrapada; Heras, El Fondo Monetario y El Banco Mundial En La Argentina; Kedar, The International Monetary Fund and Latin America; Kofas, The Sword of Damocles. For a comprehensive review of the literature on IMF policies, see Graham Bird and Dane Rowlands, The International Monetary Fund: Distinguishing Reality from Rhetoric (Cheltenham: Edward Elgar, 2016).
6 See Maria Benevides, O Governo Kubitschek: Desenvolvimento Econômico e Estabilidade Política, 1956–1961 (Rio de Janeiro: Paz E Terra, 1976); Maria Leopoldi, ‘Crescendo em Meio à Incerteza: a Política Econômica do Governo JK (1956–60)’; Clóvis Faro and Salomão Silva, ‘A Década de 50 e o Programa de Metas’; Gerson Moura, ‘Avanços e Recuos: a Política Exterior de JK’, in Ângela Gomes, O Brasil de JK (Rio de Janeiro: Fundação Getúlio Vargas, 1991), 23–99; Gesner Oliveira, ‘Brasil-FMI em Perspectiva Histórica’, in Brasil-FMI: Frustrações e Perspectivas (São Paulo: Bienal, 1993), 35; Ricardo Caldas, A Política Externa do Governo Kubitschek (Brasília: Thesaurus, 1995); Thomas Skidmore, Brasil: de Getúlio Vargas a Castelo Branco (1930–1964) (Rio de Janeiro: Paz e Terra, 2000); Celso Lafer, JK e o Programa de Metas (1956–61): Processo de Planejamento e Sistema Político No Brasil (Rio de Janeiro: Fundação Getúlio Vargas, 2002); Henrique Oliveira, ‘O Conceito de Politica Externa’, in Política Externa Brasileira (São Paulo: Saraiva, 2005); Paulo Vizentini, ‘A Política Externa do Governo JK (1956–1961)’, in José Albuquerque et al., Sessenta Anos de Política Externa Brasileira (1930–1990): Crescimento Modernização e Política Externa, vol. 1 (Rio de Janeiro: Lumen Juris, 2006), 324–54; Pedro Malan, ‘Relações Econômicas Internacionais Do Brasil (1945–1964)’, in História Geral Da Civilização Brasileira, 4th ed., vol. 11, tomo III (Rio de Janeiro: Bertrand Brasil 2007), 67–134; Rodrigo Lima, ‘A Política Externa Financeira no Nacional Desenvolvimentismo Internacional’ (PhD diss., PUC-SP, 2011), 57–93; Sérgio Vianna and André Villela, ‘O pós-Guerra (1945–1955)’, in Fabio Giambiagi et al., Economia Brasileira Contemporânea 1945–2010 (Rio de Janeiro: Elsevier, 2011), 1–24; Andrew Hurrell, The Quest for Autonomy: The Evolution of Brazil’s Role in the International System, 1964–1985 (Brasília: FUNAG, 2013), 28–41; Luiz Orenstein and Antonio Sochaczewsky, ‘Democracia com Desenvolvimento: 1956–1961’, in A Ordem Do Progresso: Cem Anos de Política Econômica Republicana, 1889–1989, ed. Marcelo Abreu (Rio de Janeiro: Elsevier, 2014), 171–95; Victor Young, JK, Estados Unidos e FMI: da Súplica ao Rompimento (São Paulo: Alameda, 2014); Paulo Almeida, ‘O Brasil e o FMI desde Bretton Woods: 70 Anos de História’, Revista Direito GV 10, no. 2 (2014): 469–96; Fernando Barbosa, ‘Experiences of Inflation and Stabilization, 1960–1990’, in The Oxford Handbook of the Brazilian Economy, ed. Edmund Amann et al. (New York: Oxford University Press, 2018), 105; Kassius Pontes, ‘A Parceria Frustrada: JK e os Estados Unidos’ (PhD diss., University of Brasília, 2019), 249–62. For the ‘independent foreign policy’ see Keith Storrs, ‘Brazil’s Independent Foreign Policy, 1961–1964: Background, Tenets, Linkage to Domestic Politics, and Aftermath’ (PhD diss., Cornell University, 1973); Felipe Loureiro, ‘A Política Externa Brasileira do Pós-guerra ao Golpe de 1964: Construíndo as Bases da Diplomacia Brasileira Contemporânea’, in O Brasil Republicano. O Tempo da Experiência Democrática. Terceira República (1945–1964) (Civilização Brasileira: 2019), 179–206.
7 For instance, Rabe, Eisenhower and Latin America, 84–99; Smith, Brazil and the United States, 130–62, Mark Gilderhus, The Second Century: U.S.-Latin American Relations since 1889 (Wilmington: Rowman & Littlefield, 2000); Gaddis Smith, The Last Years of the Monroe Doctrine (New York: Hill and Wang, 1994); Cole Blasier, The Hovering Giant: U.S. Responses to Revolutionary Change in Latin America 1910–1985 (Pittsburgh: University of Pittsburgh Press, 1985); Joseph Smith, The United States and Latin America: A History of American Diplomacy, 1776–2000 (London: Routledge, 2005); Thomas Zoumaras, The Path to Pan Americanism: Eisenhower’s Foreign Economic Policy Towards Latin America (Connecticut: University of Connecticut, 1987).
8 Sewell, Diplomatic History; Sewell, The US and Latin America, 3–15.
9 Despatch 303, American Embassy in Rio de Janeiro (hereafter Amembassy) to Department of State (hereafter Depstate), October 10, 1960, General Records of the Department of State (hereafter GRDS), Central Decimal File (hereafter CDF) 1960–63, Box 2412, Folder 832.00/8-560, Record Group (hereafter RG) 59, National Archives at College Park, MD (hereafter NARA): 12.
10 Benevides, O Governo Kubitschek; Faro and Silva, O Brasil de JK; Lafer, JK e o Programa de Metas (1956–61).
11 Memorandum of Conversation (hereafter Memocon), January 26, 1956, GRDS, CDF 1955–59, Folder 832.10/1-356, Box 4312, RG 59, NARA.
12 Letter, Rodolf Cahn to Lyon and Henry Holland, October 14, 1955, Records of the Bureau of Inter-American Affairs, Subject Files Relating to Regional Economic Affairs, 1956–1959, Folder Latin American Economic Papers REA-Conover 1958, Box 5, RG 59, NARA.
13 Memorandum, January 1956, Arquivo Roberto Campos (hereafter ARC), Folder RC 1955.05.02, Centro de Pesquisa e Documentação Histórica Contemporânea do Brasil, Escola de Ciências Sociais da Fundação Getúlio Vargas in Rio de Janeiro, Brazil (hereafter CPDOC-FGV).
14 Memocon, January 6, 1956, Records of the Foreign Service Posts of the Department of State (hereafter RFSP), Classified General Records (hereafter CGR) 1941–63, Box 116, Folder 350 Brazil – Jan–May 1956, RG 84, NARA; Report, Renegociação das dívidas brasileiras com os Estados Unidos da América – obtenção de recursos em dólares para o Programa de Desenvolvimento, Arquivo Ernani do Amaral Peixoto (hereafter AEAP), Folder EAP emb 1956.04.13, CPDOC-FGV.
15 Despatch 1111, Amembassy to Depstate, May 4, 1956, GRDS, CDF 1955–59, Box 4312, Folder 832.10/5-456, RG 59, NARA; Letter, Lucas Lopes to José Alkmin, June 7, 1956, ARC, Folder RC e ag 1955.05.02, CPDOC-FGV.
16 Leopoldi, O Brasil de JK; Felipe Loureiro, Empresários, Trabalhadores e Grupos de Interesse: A Política Econômica nos Governos Jânio Quadros e João Goulart, 1961–1964 (São Paulo: Editora Unesp, 2017), 29–53; Carlos Lessa, Quinze Anos de Política Econômica (São Paulo: Brasiliense, 1983); Celso Furtado, ‘As Colônias de Povoamento do Hemisfério Norte’, in Formação Econômica do Brasil (São Paulo: Companhia das Letras, 2007), 67; Lourdes Sola, ‘The Political and Ideological Constraints to Economic Management in Brazil, 1945–1963’ (PhD diss., Oxford University, 1982), 142–89.
17 Sewell, Diplomatic History; Sewell, The US and Latin America; Rupprecht, Soviet Internationalism after Stalin; Gianfranco Caterina, ‘Getting the Modernization Recipe Right: Political Interactions between Brazil and the Soviet Union (1956–1961)’, in The Society for Historians of American Foreign Relations (SHAFR) Annual Conference, 2018; and Gianfranco Caterina, ‘Um Grande Oceano: Brasil e União Soviética Atravessando a Guerra Fria (1947–1985)’ (PhD diss., Fundação Getúlio Vargas, 2019), 98–172.
18 Office Memorandum (hereafter Offmemo), Henry Holland to Belton, June 7, 1956, GRDS, CDF 1955–59, Box 4312, Folder 832.10/5-456, RG 59, NARA.
19 Ibid.
20 Report, Operations Coordinating Board, June 27, 1956, White House Office, National Security Council Staff: Papers, 1948–61, OCB Central File Series, Box 25, Folder OCB 091. Brazil (File #2) (2) [June 1956–January 1957], Dwight D. Eisenhower Presidential Library in Abilene, KS (hereafter EPL).
21 Letter, Samuel Waugh to Lucas Lopes, July 20, 1956, ARC, Folder RC e ag 1952.11.24, CPDOC-FGV.
22 Despatch 379, Amembassy to Depstate, October 4, 1957, GRDS, CDF 1955–59, Box 4305, Folder 832.00/6-357, RG 59, NARA; Letter SM/58/7, Exeboard to Secretary, January 22, 1958, Executive Board Documents (hereafter EBD), Folder 1958-Staff Memoranda (SM), Archive of the International Monetary Fund in Washington D.C.(hereafter IMF); Memocon, September 28, 1956, Western Hemisphere Department Records (hereafter WHDR), Western Hemisphere Department Immediate Office Records (hereafter WHDIOR), WHDAI Country Files, Box 31, File 1, IMF; and Casimiro Ribeiro, Casimiro Ribeiro I (depoimento, 1975/1979) (Rio de Janeiro: CPDOC, 1981).
23 Offmemo, Bird to Files, April 15, 1957, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-757, RG 59, NARA.
24 Despatch 724, Amembassy to Depstate, December 31, 1957, GRDS, CDF 1955–59, Box 2469, Folder 611.32/2-355, RG 59, NARA.
25 Furtado, ‘As Colônias de Povoamento do Hemisfério Norte’, 67; and Loureiro, Empresários, Trabalhadores e Grupos de Interesse, 29–53.
26 Letter SM/58/7, Exeboard to Secretary, January 22, 1958, IMF; Telegram 1101, Amembassy to Depstate, February 27, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
27 Memocon, February 14, 1958; Telegram 938, Depstate to Amembassy, February 15, 1958; Memocon, February 25, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
28 Telegram 818, Depstate to Amembassy, January 17, 1958, General Records of the Department of the Treasury, Office of the Assistant Secretary for International Affairs, Subject Files, 1934–72, Entry 660,155, Box 39, Folder BRA/0/00 Soviet Economic Offensive, RG 56, NARA.
29 Memocon, February 14, 1958; Telegram 938, Depstate to Amembassy, February 15, 1958; and Memocon, February 25, 1958, NARA.
30 Telegram 1098, Amembassy to Depstate, February 26, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
31 See Felipe Loureiro, ‘The Alliance for Progress and President João Goulart’s Three-Year Plan: The Deterioration of U.S.-Brazilian Relations in Cold War Brazil (1962)’, Cold War History 17, no. 1 (2017): 61–79.
32 Telegram 984, John Dulles to Amembassy, March 3, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
33 Telegram 818, Depstate to Amembassy, January 17, 1958, NARA. For more on Senator Domingos Velasco’s mission to Moscow see Caterina, SHAFR; Caterina, Um Grande Oceano, 98–172.
34 ‘Gestões junto ao Departamento de Estado’; ‘Negociações com o Export-Import Bank’; ‘Negociações com o Federal Reserve Bank’; ‘Negociações com o Fundo Monetário Internacional’; Letter, Ernani Peixoto to José Alkmin, March 6, 1958, AEAP, Folder EAP emb 1958.03.06, CPDOC-FGV.
35 Letter EBS/57/58 Supplement 2, Secretary to Exeboard, September 30, 1957, EBD, Folder 1957-Executive Board Specials (EBS), IMF.
36 Offmemo, Jorge Del Canto to Per Jacobsson and Merle Cochran, March 7, 1958; Letter, Bruno Brovedani to Jorge Del Canto, December 1, 1958, WHDR, WHDOIR, WHDAI Country Files, Box 31, File 3, Folder Brazil, IMF.
37 Ibid.; Offmemo, Gesualdo Costanzo to Per Jacobsson, March 21, 1958, Country Files, Brazil, Box 10, Folder C/Brazil/810 Mission Costanzo and Staff March 1958, IMF.
38 ‘Negociações com o Fundo Monetário Internacional’, CPDOC-FGV; Offmemo, Gesualdo Costanzo to Per Jacobsson, March 21, 1958; ‘Minutes of the Meeting with Minister of Finance’, March 10, 1958, Central Files, Country Files, Brazil, Box 10, Folder C/Brazil/810 Mission Costanzo and Staff March 1958, IMF.
39 Memocon, March 14, 1958; Telegram 1183, Amembassy to Secretary of State (hereafter Secstate), March 18, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
40 Letter, Robert Anderson to José Alkmin, March 21, 1958, Folder EAP emb 1958.03.06, AEAP, CPDOC-FGV.
41 Telegram 1206, Ellis Briggs to Secstate, March 20, 1958, RFSP, CGR 1941–63, Box 115, Folder 350 Brazil 1958, RG 84, NARA.
42 Telegram 1224, Amembassy to Secstate, March 24, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
43 Telegram 1261, Amembassy to Secstate, March 28, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
44 Telegram 1107, John Dulles to Amembassy, March 29, 1958, GRDS, CDF 1955–59, Box 4313, Folder 832.10/1-1158, RG 59, NARA.
45 Despatch 1089, Amembassy to Depstate, April 2, 1958, GRDS, CDF 1955–59, Box 4314, Folder 832.10/4-158, RG 59, NARA.
46 Offmemo, Western Hemisphere, Exchange Restrictions and Legal Departments to The Managing Director, April 24, 1958, Central Files, Country Files, Brazil Files, Box 19, Folder C/Brazil/1760 Stand-by Arrangements, IMF.
47 Telegram 1215, John Dulles to Amembassy, April 25, 1958, GRDS, CDF 1955–59, Box 4314, Folder 832.10/4-158, RG 59, NARA.
48 Despatch 1256, Amembassy to Depstate, May 7, 1958, GRDS, CDF 1955–59, Box 4306, Folder 832.00/4-358, RG 59, NARA.
49 ‘Remarks on the Aide Memoire of April 30, 1958’, Central Files, Country Files, Brazil Files, Box 19, Folder C/Brazil/1760 Stand-by Arrangements, IMF.
50 Telegram 1509, Amembassy to Secstate, May 8, 1958, GRDS, CDF 1955–59, Box 4322, Folder 832.15/4-1855, RG 59, NARA.
51 Letter, Otávio Paranaguá to Casimiro Ribeiro, May 17, 1958, AEAP, Folder EAP emb 1958.03.06, CPDOC-FGV.
52 Letter EBS/58/25 Supplement 3, Secretary to Exeboard, June 2, 1958, AEAP, Folder EAP emb 1958.03.06, CPDOC-FGV.
53 Telegram 1665, Amembassy to Secstate, June 3, 1958, GRDS, CDF 1955–59, Box 4314, Folder 832.10/5-258, RG 59, NARA.
54 Hurrell, The Quest for Autonomy, 28–41; Moura, O Brasil de JK; Rabe, Eisenhower and Latin America, 84–133; Vizentini, Sessenta Anos de Política Externa Brasileira (1930–1990).
55 Telegram 1415, John Dulles to Amembassy, June 25, 1958, GRDS, CDF 1955–59, Box 4314, Folder 832.10/5-258, RG 59, NARA.
56 Letter, Ernani Peixoto to Samuel Waugh, June 5, 1958, AEAP, Folder EAP emb 1958.03.06, CPDOC-FGV; Despatch 1421, Amembassy to Depstate, June 10, 1958, GRDS, CDF 1955–59, Box 4314, Folder 832.10/5-258, RG 59, NARA.
57 Despatch 801, Amembassy to Depstate, January 19, 1959, GRDS, CDF 1955–59, Box 2469, Folder 611.32/1-258, RG 59, NARA.
58 Lucas Lopes, Memórias do Desenvolvimento (Rio de Janeiro: Centro da Memória da Eletricidade no Brasil, 1991): 230–3.
59 Telegram 1810, Amembassy to Depstate, June 27, 1958, GRDS, CDF 1955–59, Box 4314, Folder 832.10/5-258, RG 59, NARA.
60 Letter, Lucas Lopes to Per Jacobsson, July 8, 1958, ARC, Folder RC e bnde 1952.11.24, CPDOC-FGV.
61 ‘Minutes of Meeting with Brazilian Representatives’, July 21, 1958, WHDR, WHDOIR, WHDAI Country Files, Box 31, Folder Brazil, IMF.
62 Letter EBS/58/38, Secretary to Exeboard, July 25, 1958, Central Files, Country Files, Brazil, Box 5, Folder C/Brazil/420 Exchange Controls and Restrictions 1956–1959, IMF.
63 Export-Import Bank, January 1, 1959, White House Central Files, Official file, 1953–61, Box 155, Folder OF 15 Export-Import Bank of Washington 195-9-60 (1), EPL.
64 Memorandum, Maurice Bernbaum to Roy Rubottom, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
65 Despatch 43, Amembassy to Depstate, July 11, 1958, GRDS, CDF 1955–59, Box 2469, Folder 611.32/1-258, RG 59, NARA.
66 Offmemo, Jorge Del Canto to The Managing Director and The Deputy Managing Director, November 14, 1958, Central Files, Country Files, Brazil, Box 6, Folder C/Brazil/420 Stabilisation Program 1958–1960, IMF; Report, Superintendência da Moeda e do Crédito, ‘Análise da expansão de crédito bancários e dos meios de pagamento em 1958, e crítica da política monetária’, 1958, Arquivo Lucas Lopes (hereafter ALL), Folder 1957.12.23, CPDOC-FGV.
67 ‘Programa de estabilização monetária para o período de setembro de 1958 a dezembro de 1959-recomendações, análises, apêndices estatísticos e anexos’, ARC, Folder RC e cd 1956.09.00, CPDOC-FGV.
68 Letter, Jorge Del Canto to Merle Cochran, November 19, 1958; Letter, Jorge Del Canto and Irving Friedman to The Managing Director, December 4, 1958, WHDR, WHDOIR, WHDAI Country Files, Box 31, Folder Brazil, IMF.
69 Letter EBS/58/81, Secretary to Exeboard, December 12, 1958; Draft Minutes, Executive Board Meeting 58/58, December 18, 1958, AEAP, Folder EAP emb 1958.03.06, CPDOC-FGV.
70 Despatch 687, Amembassy to Depstate, December 17, 1958, GRDS, CDF 1955–59, Box 4315, Folder 832.10/11-358, RG 59, NARA.
71 Letter to Juscelino Kubitschek, February 10, 1959, AEAP, Folder EAP emb 1958.03.06, CPDOC-FGV.
72 Roberto Campos, Lanterna na Popa: Memórias (Rio de Janeiro: Toopbooks, 2004, 2nd ed.); Dilson Ribeiro, O Repórter e o Estadista JK: O Rompimento com o FMI (Brasília: Projecto, 2002); Despatch 743, Amembassy to Depstate, January 6, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
73 Barry Eichengreen, ‘The Bretton Woods System’, in Globalising capital: a History of the International Monetary System (Princeton: Princeton University Press, 2008, 2nd ed.), 91. After a brief period of improved economic conditions in 1960–1, a military coup ousted Frondizi from power in 1962 amid rising inflation rates and mounting public criticism against austerity measures. See Kedar, The International Monetary Fund and Latin America, 55.
74 Campos, Lanterna na Popa; Ribeiro, O Repórter e o Estadista JK; Despatch 743, Amembassy to Depstate, January 6, 1959, NARA.
75 Despatch 779, Amembassy to Depstate, January 13, 1959, GRDS, CDF 1955–59, Box 4315, Folder 832.10/1-559, RG 59, NARA.
76 Despatch 849, Amembassy to Depstate, January 29, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
77 Rafael Ioris, Qual Desenvolvimento? According to the 1946 Constitution, president and vice-president were elected separately and immediate re-election was prohibited.
78 Letter, William Briggs to Ellis Briggs, January 23, 1959; RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA; Offmemo, Charles Adair to Thomas Mann, 10 February 1959; Letter, Thomas Mann to Charles Adair, February 16, 1959, GRDS, CDF 1955–59, Box 4315, Folder 832.10/1-559, RG 59, NARA.
79 Memorandum, Maurice Bernbaum to Roy Rubottom, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
80 Telegram 974, Amembassy to Depstate, February 26, GRDS, CDF 1955–59, Box 4315, Folder 832.10/1-559, RG 59, NARA.
81 Caterina, SHAFR; Caterina, Um Grande Oceano, 98–172.
82 Telegram 360, Depstate to Amembassy, January 31, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
83 Telegram 1032, Amembassy to the Secstate, February 3, 1959, GRDS, CDF 1955–59, Box 4315, Folder 832.10/1-559, RG 59, NARA.
84 Letter, William Briggs to Ellis Briggs, February 12, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
85 Report, ‘Programa de Estabilização Monetária para 1959’, ALL, Folder LL mf 1957.12.23, CPDOC-FGV; Letter, Working Party on Brazil to The Acting Managing Director, March 12, 1959, WHDR, WHDOIR, WHDAI Country Files, Box 32, File 2, Folder Brazil, IMF.
86 Minutes of the Meeting, March 3, 1959, WHDR, WHDOIR, WHDAI Country Files, Box 32, File 2, Folder Brazil, IMF.
87 Letter, Woodruff Wallner to William Briggs, March 13, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
88 Letter, William Briggs to Woodruff Wallner, March 23, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
89 Letter, Gesualdo Costanzo to The Managing Director and The Deputy Managing Director, March 27, 1959, WHDR, WHDOIR, WHDAI Country Files, Box 32, File 2, Folder Brazil, IMF.
90 Despatch 1113, Amembassy to Depstate, March 26, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/3-259, RG 59, NARA.
91 Telegram 926, Christian Herter to Amembassy, March 31, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/3-259, RG 59, NARA.
92 Memocon, April 8, 1959, GRDS, CDF 1955–59, Box 4307, Folder 832.00/3-359, RG 59, NARA.
93 Telegram 78, Woodruff Wallner to Secstate, May 6, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
94 Amembassy to Depstate, May 12, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/5-259, RG 59, NARA.
95 Offmemo, Samuel Eaton to Charles Adair, May 21, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/5-259, RG 59, NARA.
96 Offmemo, Samuel Eaton to Charles Adair, May 15, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/5-259, RG 59, NARA.
97 Ribeiro, Casimiro Ribeiro I (depoimento, 1975/1979).
98 ‘Outline of Brazilian Government Program’, June 1, 1959, Central Files, Country Files, Brazil, Box 5, Folder C/Brazil/420 Exchange Controls and Restrictions 1956–1959, IMF.
99 Offmemo, Staff members of working party on Brazil to Managing Director, June 1, 1959, Central Files, Country Files, Brazil, Box 6, Folder C/Brazil/420 Stabilisation Program 1958–1960, IMF.
100 Telegram 1746, Amembassy to Secstate, June 3, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/5-259, RG 59, NARA.
101 Offmemo, Charles Adair to Thomas Mann, June 1, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/5-259, RG 59, NARA.
102 Letter, William Briggs to Woodruff Wallner, June 4, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
103 Letter, Paulo Poock to Juscelino Kubitschek, Lucas Lopes and Ernani Peixoto, June 2, 1959, AEAP, EAP emb 1958.03.06, CPDOC-FGV.
104 Ribeiro, Casimiro Ribeiro I (depoimento, 1975/1979); Telegram 1746, Amembassy to Secstate, June 3, 1959, NARA.
105 O Estado de São Paulo (hereafter ESP), ‘Kubitschek anuncia que não mandará emissários ao FMI’, June 10, 1959: 34; Jornal do Brasil (hereafter JB), ‘Virada na política econômica: missão à Rússia’, June 10, 1959, ed. 133: 1; Press clipping, New York Times, June 11, 1959, Central Files, Country Files, Brazil Files, Box 19 File 7 Folder C/Brazil/1760 Stand-by Arrangements, IMF.
106 Caterina, SHAFR; Caterina, Um Grande Oceano, 98–172.
107 ESP, ‘O Presidente evita fazer críticas diretas ao FMI’, June 18, 1959: 48; JB, ‘Manifestantes foram ao Catete apoiar o Governo no caso do F.M.I.’, June 18, 1959, ed.140: 4; ‘Presidência da República’, Arquivo da Agência Nacional, Box Noticiário de Rádio, junho 1959, Folder ‘A voz do Brasil’ 17/6/1959, Arquivo Nacional in Rio de Janeiro, Brazil.
108 Telegram 4530, Brazilian Embassy to the Ministry of Foreign Affairs, June 17, 1959, Missões Diplomáticas Brasileiras, Telegramas 1959 (Janeiro-Junho), Folder 52-1-6, Arquivo Histórico do Itamaraty in Rio de Janeiro, Brazil.
109 ESP, ‘Per Jacobsson Preocupado’; ‘A posição do Brasil constitui problema para o FMI e os EUA’, June 16, 1959: 48.
110 Telegram 668, American Embassy in Bogotá to Secstate, June 17, 1959, GRDS, CDF 1955–59, Box 4316, Folder 832.10/5-259, RG 59, NARA; Telegram 91, American Embassy in Buenos Aires to Amembassy, June 18, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
111 ‘Discussion at the 410th Meeting of the National Security Council, Thursday, June 18, 1959’, June 18, 1959, Eisenhower, Dwight D.: Papers as President, 1953–1961, Ann Whitman File, NSC Series, Box 11, Folder 410th Meeting of NSC June 8, 1959, EPL.
112 ESP, ‘Relatório do Dep. De Estado sobre a situação do Brasil’, June 21, 1959: 1; and Telegram 1903, Woodruff Wallner to Secstate, June 21, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
113 Letter, Roy Rubottom to the Acting Secretary, June 19, 1959, GRDS, CDF 1955–59, Box 2469, Folder 611.32/5-559, RG 59, NARA.
114 Telegram 1888, Woodruff Wallner to Secstate, June 19, 1959, RFSP, CGR 1941–63, Box 128, Folder 501 Financial Matters. General January-June 1959, RG 84, NARA.
115 JB, ‘Presidente já dispõe de plano para orientar reatamento com a URSS’, June 25, 1959: 1.
116 Letter, Woodruff Wallner to Clare Boonstra, July 10, 1959; and Letter, Clare Boonstra to Woodruff Wallner, July 17, 1959, RFSP, CGR 1941–63, Box 129, Folder 501 Financial Matters. General July-December 1959, RG 84, NARA.
117 Despatch 69, Amembassy to Depstate, July 21, 1959, RFSP, CGR 1941–63, Box 129, Folder 501 Financial Matters. General July-December 1959, RG 84, NARA.
118 Telegram 135, Amembassy to Secstate, July 22, 1959, GRDS, CDF 1955–59, Box 2469, Folder 611.32/5-559, RG 59, NARA.
119 Letter, Octávio Paranaguá to Ernani Peixoto, July 14, 1959, AEAP, EAP emb 1958.03.06, CPDOC-FGV.
120 Offmemo, Irving Friedman, Gesualdo Costanzo and Joseph Gold to The Managing Director, October 14, 1959, Central Files, Country Files, Brazil Files, Box 18 Folder C/Brazil/1710 Exchange Transactions, IMF.
121 Despatch 591, Amembassy to Depstate, December 10, 1959, GRDS, CDF 1955–59, Box 4317, Folder 832.10–10.259, RG 59, NARA.
122 Despatch 741, Amembassy to Depstate, January 19, 1960, GRDS, CDF 1955–59, Box 1328, Folder 632.61/11-161, RG 59, NARA.
123 Stephen Streeter, ‘Campaigning against Latin American Nationalism: U.S. Ambassador John Moors Cabot in Brazil, 1959–1961’, The Americas 51, no. 2 (1994): 193–218.
124 Hilton, Journal of American History, 623.
125 Telegram 507, Amembassy to Secstate, October 11, 1960, GRDS, CDF 1960–63, Box 1584 Folder 732.5-MSP/1-2160, RG 59, NARA.
126 Telegram 505, Christian Herter to Amembassy, October 20, 1960, GRDS, CDF 1960–63, Box 1584 Folder 732.5-MSP/1-2160, RG 59, NARA.
127 Loureiro, Empresários, Trabalhadores e Grupos de Interesse, 29–53.
Additional information
Funding
Notes on contributors
Fernanda Conforto de Oliveira
Fernanda Conforto de Oliveira is a PhD candidate in International History and Politics at the Graduate Institute of International and Development Studies (IHEID) in Geneva, Switzerland, and a research fellow at the IHEID’s Centre for Finance and Development, and at the University of São Paulo’s LabMundi. Her PhD research examines the first adjustment programmes of the International Monetary Fund in Argentina and Brazil in the post-war era.