Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.520

+2.5%

Jan 7 3:59 PM EST

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To: Steve Fancy who wrote (9024)	10/15/1998 11:57:00 PM
From: Steve Fancy	of 22640

Citigroup Rhodes Confident Brazil To Take Correct Action Dow Jones Newswires BRASILIA -- With financial markets anxiously awaiting austerity plans from Brazil to head off economic crisis, Citigroup Inc. (CCI) vice-chairman William Rhodes said Thursday he is confident the government will implement the correct fiscal measures. Rhodes, along with Citigroup co-chairman Sanford Weill and Brazilian Citibank president Alcides de Souza Amaral, met Thursday for 40 minutes with Brazil's Finance Minister Pedro Malan. The Brazilian government is expected to unveil a multi-year fiscal adjustment plan as early as next week. Rhodes also said that any international bailout package for Brazil would likely include private sector assistance. The Citigroup official has taken several trips to Brazil and appears to be spearheading the private-sector initiative to keep the country's financial woes from deepening. The Citigroup officials are now meeting President Fernando Henrique Cardoso. -By Stephen Wisnefski; (55-11) 813-1988; swisnefski@ap.org Later Thursday, Rhodes told reporters he had "an excellent meeting with President Cardoso" and that this had reinforced his confidence in Brazil. The banking executive added that "CitiCorp and Citibank have made themselves available to help and assist Brazil when and if necessary." Rhodes declined to put a value on a possible aid package by international private institutions for Brazil. "That's something to be evaluated. I can't give you any indications," he said. The Citigroup vice president also declined comments on rumors of a possible acquisition by Citibank of Brazilian bank Unibanco. -By Stephen Wisnefski and William Vanvolsem; (5561) 244 3095

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