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More Brazilian austerity; IMF deadline may ease

President Joao Baptista de Figueiredo announced further austerity measures for debt-ridden Brazil. The President eliminated some pay raises, reduced others , and imposed some credit controls.

Meanwhile, progress in negotiations between Brazil and the International Monetary Fund has increased the likelihood that the Bank for International Settlements will extend today's (July 15) deadline for Brazil to repay a $400 million loan, commercial-banking sources said.

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