Meaning
To give up / To throw in the towel
Example
Estou cansado deste emprego horrível! Vou chutar o balde e tirar umas férias!
I'm tired of this horrible job! I'm going to throw in the towel and take a vacation!
Origin
The dominant Brazilian explanation comes from the slaughterhouse: a calf being led to slaughter would kick over the bucket used to collect blood, in a final act of defiance. Giving up becomes that same final, reckless gesture.
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More idioms
Acertar na moscaTo guess correctly / To hit the nail on the headAmigo da onçaA fake/false friendAndar na linhaTo toe the line / To behave properlyArmar um barracoTo cause a public sceneRodar a baianaTo cause a public scene / To go ballisticArrumar sarna pra se coçarTo ask for troubleArrastar as asasTo hit on someone / To flirtAbrir o jogoTo come clean / To open upArregaçar as mangasTo roll up one's sleeves / To get to workAgarrar com unhas e dentesTo hold on for dear life / To seize an opportunity