The timing of the IMF loan covers the current term of the centre-left government of President Fernando Henrique Cardoso, and may allow the central bank to lower interest rates in the run up to the election in December 2002.

BBC: Brazil tightens belt to win $15bn loan

And only timing prevents Preston from having a hole in the ground instead of a city centre, as Bradford does.

ECONOMIST: Why some cities thrive while others slump