Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.692

-2.0%

Dec 12 9:30 AM EST

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To: Steve Fancy who wrote (962)	2/7/1998 12:31:00 AM
From: Steve Fancy	Read Replies (1) of 22640

Brazil devaluation is unlikely -Argentine minister Reuters, Friday, February 06, 1998 at 19:45 NEW YORK, Feb 6 (Reuters) - Brazil is unlikely to devalue its currency and its economic stabilization program appears on course, Argentina's Economy Minister Roque Fernandez said on Friday. "I do not believe that Brazil will implement any kind of devaluation of its currency," he told an audience in New York. "The Brazilian authorities do not believe that economic improvements will be achieved through the devaluation of the currency," he said. Fernandez said the Argentine government was pursuing its economic agenda, which includes the expected privatization of Banco de la Nacion, the largest bank in Argentina. He did not give an exact date for the privatization but said fiscal conditions in Argentina do not mandate an immediate cash injection. "None of these reforms is aimed at solving a crisis," he said. "Our fiscal situation is very solid." Copyright 1998, Reuters News Service

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