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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.372-8.1%Feb 5 3:57 PM EST
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To: Steve Fancy who wrote (21212)8/2/2000 9:21:27 PM
From: wl9839  Read Replies (1) of 22640
 
Brazil Court Delays Decision On Worker
Compensation

Dow Jones Newswires

BRASILIA -- Brasil's Supreme Court decided on Wednesday to delay
until Aug. 10 a decision on whether the government must compensate
workers for alleged losses incurred from four failed economic stabilization
plans.

A defeat by the government could imply a major blow to public accounts,
reversing the government's impressive performance over the past two
years.

On Tuesday, the Brasil's central bank forecast that an unfavorable ruling
could cost the Treasury up to 53 billion reals ($1=BRR1.795).

The court decided on a delay to allow for other court cases to be dealt
with, including a ruling on Banco do Estado de Sao Paulo SA, better
known as Banespa (E.BEP).

The case is based on the governments' use of certain inflation indices to
adjust a workers' investment fund known locally as FGTS. The fund is
managed by federal savings and loans bank Caixa Economica Federal.

The suit argues that by changing the inflation indices at times of
hyperinflation, the government in practice arbitrarily reduced the amount of
money invested by workers into FGTS.

-By Diana Rochford, Dow Jones Newswires; (55 61) 99656883;
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