Federative Republic of Brazil - Brazil has a history of economic boom and bust and its development has been hampered by high inflation and foreign debt. It has had to be bailed out in times of crisis, but economic reforms in the 1990s brought some stability to the country's finances. The changes included privatisation and the opening up of its markets. Its natural resources, particularly iron ore, are highly prized by major manufacturing nations, including China. Thanks to the development of offshore fields, Brazil has become self-sufficient in oil, ending decades of dependence on foreign producers. Brazil is revered for its football prowess. Its cultural contributions include the music of classical composer Heitor Villa-Lobos and Bossa Nova icon Antonio Carlos Jobim.