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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.535+2.8%Jan 8 3:58 PM EST
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To: Steve Fancy who wrote (9066)10/20/1998 11:21:00 PM
From: Steve Fancy   of 22640
 
U.S. Rubin denies Latam credit facility imminent

Reuters, Tuesday, October 20, 1998 at 21:57

NEW YORK, Oct 20 (Reuters) - U.S. Treasury Robert Rubin
denied the U.S. government was working with its Group of Seven
counterparts and multilateral lending agencies to structure a
credit facility for cash-strapped Latin American nations.
"I don't know where the rumor came from, but the rumor is
untrue," Rubin told reporters after delivering a speech here.
Rubin reiterated the U.S. dollar policy has not changed,
despite an unusually sharp drop in the dollar in recent weeks.
"Our dollar policy remains absolutely unchanged," Rubin
said.
Rubin also reiterated that he believes Japan's best hope
for reviving its beleaguered economy is to fix its ailing bank
sector.
"The absolute key with respect to Japan getting back on
track and resuming the remarkable economic record it's had for
most of the past 50 years is dealing with their bank problem,"
Rubin said.
"They've now put in place bank legislation; the key is to
implement it effectively and fully in such a fashion that it
deals with banking problems that have so impeded Japanese
growth over the last few years," he added.

Copyright 1998, Reuters News Service
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