Foreigners Who Came to Brazil in Boom Times Flee the Bust

April 24, 2015 3:26 PM

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When Frenchman Gwenel Lecourieux was gearing up to move to Brazil, the country with its swelling upper class and world-renowned hunger for luxury goods seemed like the perfect place to set up his dream business, selling high-end watches.

But Brazil's economy skidded to a halt and demand evaporated for his watches worth thousands of dollars each. Just 15 months after arriving in Rio de Janeiro, 36-year-old Lecourieux is preparing to cut his losses and return to France.

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