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 (9047)	10/18/1998 10:52:00 PM
From: Steve Fancy	of 22640

Short-Term Cap Flow Tax Could Fund IMF Plan - Brazil Cardoso Dow Jones Newswires OPORTO, Portugal -- Proposed reform of the international financial system could include taxing short-term capital flows, with the money going to finance an International Monetary Fund program for countries facing crisis, Brazilian President Fernando Henrique Cardoso said Sunday. "Part of the resources brought in by that tax could be used to create a stabilization fund, at the IMF's disposal," Cardoso said in a speech to the working session of the eighth annual Ibero-American summit. "Another part could be used by the World Bank, for programs to fight poverty." A copy of the speech was provided by Cardoso's spokeswoman. Cardoso emphasized any reform of the IMF's regulatory framework must address the problem of offshore investment funds, which can cause financial instability by cranking up leverage. "Without the regulation of investment funds and other non-bank institutions that work with off-balance or offshore operations, any (reform) measure would be ineffectual," Cardoso said. "These funds make the current level of leverage possible, introducing profound instability into the system." -By Erik T. Burns; 351-931-265-020; eburns@ap.org

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