Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who wrote (5982)	1/3/2002 6:56:16 AM
From: Frank Pembleton	Read Replies (1) of 36161

Argentine Devaluation Would Blunt Edge Brazil Enjoys By Charles Penty Sao Paulo, Jan. 3 (Bloomberg) -- Brazil's Parati SA expects to cut prices for its cookies and wafers after Argentina carries out its anticipated currency devaluation. ``It's obvious that devaluation in Argentina would force us to review our prices because we will lose some of our competitive advantage,'' said Gerson Ziem, acting export manager at the food manufacturer's factory in the southern Brazilian state of Santa Catarina. Brazil's exporters have enjoyed a price advantage over rival Argentine companies since the real's devaluation in January 1999. Argentina maintained the peso's one-to-one peg to the U.S. dollar and a three-year recession ensued. Now Eduardo Duhalde, Argentina's new president, said he will devalue the peso to revive the economy by boosting exports, causing concern in Brazil, Argentina's biggest trading partner. quote.bloomberg.com

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