The Collor Plan

Freezes savings and financial assets for 18 months. Freezes wages and prices for 30 days. Creates a new currency, the cruzeiro, for all income earned after March 16. Privatizes some of the 200-odd state-owned companies. Extends the tax base to include capital gains and agricultural income. Frees exchange rates. Abolishes most corporate tax breaks. Fires superfluous government employees. Lowers import barriers. Establishes five-year prison terms for economic abuses.

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