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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.435+8.7%Jan 2 9:30 AM EST
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To: Steve Fancy who wrote (9439)11/5/1998 1:47:00 AM
From: Steve Fancy   of 22640
 
Brazil gov't wins key vote over pension reform

Reuters, Thursday, November 05, 1998 at 00:03

The vote was the last in the pension reform bill's tortuous
passage through Congress where it has been bogged down for
nearly four years amid widespread opposition, despite its
fiscal importance.
The pension reform bill aims to save nearly $15 billion
over the next three years and is a important part of Brazil's
austerity plan announced last week to prevent Latin America's
biggest economy from collapsing amid global financial turmoil.
The bill's final approval clears the way for the government
to begin approving tax increases and other measures included in
the austerity plan.
Earlier in a late-night session of Congress Wednesday the
government defeated another important amendment that would have
stopped it from limiting civil service pensions to just over
$1,000 a month.
In a bid to save time, the government and opposition
parties jointly approved a third opposition-sponsored amendment
on special pensions for workers in high-risk professions.
That issue is not central to the reform's cost-cutting bite
and will be settled with a new bill to be sent to Congress.
The pension reform bill must now pass a final non-voting
stage in Congress before finally becoming law.
william.schomberg@reuters.com))

Copyright 1998, Reuters News Service
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