Telebras (TBH) & Brazil Message Board

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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 (9743)	11/17/1998 5:37:00 PM
From: Steve Fancy	of 22640

U.S. official sees Brazil Congress approving plan Reuters, Tuesday, November 17, 1998 at 13:56 BRASILIA, Nov 17 (Reuters) - A senior U.S. official said Tuesday he expected Brazil's Congress would approve a sweeping austerity plan that is key to the country's chances of surviving financial turmoil. "Brazil is serious about economic and structural reforms...and I come away more optimistic that the plan will pass significantly intact in very reasonable time periods," said Stuart Eizenstat, Undersecretary of State for Economic Affairs. Eizenstat was speaking to reporters after meeting with Brazilian political and congressional leaders. He said he hoped Brazil's Congress would pass most of the tax increases, spending cuts and other measures included in the austerity program by early 1999 and that the rest would be approved after a new Congress meets for the first time in February. "The economic health of the world significantly depends on the success that you have," said Eizenstat, who is also responsible for trade and agricultural issues at the State Department. He said the U.S. government's $5 billion contribution to an IMF-led $41.5 billion credit package for Brazil was "recognition of the importance of Brazil in fighting contagion" in global financial markets from Russia and Asia's economic crises. Copyright 1998, Reuters News Service

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