The real was allowed to float between a monetary band, with the Central bank using exchange reserves to buy or sell reals as needed to keep the price stable. ... INTERNATIONAL CRISIS" It can be argued that the pressure Cardoso was feeling, came directly from the Asian and Russian monetary crisis" of 1997 and 1998. ... Asian countries such as Thailand, Indonesia, and South Korea sought international help from the International Monetary Fund. ... Despite Cardoso's initial success with the Real Plan, Brazil's fiscal deficit continued to be very large. To combat this Brazil turned ...

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After crafting a fiscal adjustment program and pledging progress on structural reform, Brazil received a $41.5 billion IMFLED international support program in November 1998. ... Brazil's debt to GDP ratio for 1999 beat the IMF target and helped reassure investors that Brazil will maintain tight fiscal and monetary policy even with a floating currency. ...

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