Cardoso says Brazil prepared to face global risks
Reuters, Friday, August 21, 1998 at 12:36
BRASILIA, Aug 21 (Reuters) - Brazilian President Fernando
Henrique Cardoso said Friday that the globalization of world
markets created risk for the country, but Latin America's
biggest economy was able to handle the overseas turbulence.
"Globalization brings risks, but our country is becoming
stronger. We are competent to face those risks," he said at a
ceremony in Brasilia. "We are going through the Russian crisis
without damage as we did with Mexico, Southeast Asia."
Brazilian share prices went into a free fall Thursday and
Friday after an economic crisis in Russia spilled over to
neighboring Venezuela.
Brazil's dollar-denominated C bonds, which are generally
viewed as a benchmark for the region, also took a beating but
Cardoso said the country was able to withstand the crisis.
"We are prepared but there are risks," he said.
Copyright 1998, Reuters News Service
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