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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.990

-2.5%

3:59 PM EST

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To: Steve Fancy who wrote (7544)	9/4/1998 6:30:00 PM
From: Steve Fancy	Read Replies (5) of 22640

Brazil's Cardoso Maintains No Emergency Package Needed Dow Jones Newswires BRASILIA -- Brazilian President Fernando Henrique Cardoso sees no reason for an emergency fiscal package and denies special measures were being contemplated, presidential spokesman Sergio Amaral said Friday. The statement follows what a trader described as "total panic" on the Sao Paulo Stock Exchange, known as Bovespa, which plunged by almost 14% in intra-day lows during Friday's trade. Cardoso was on his re-election campaign trail in the northern Amazon region all day Friday. The Bovespa plunge following a decline in U.S. stocks Friday, made worse by Moody's Investors Service downgrade of Brazil's foreign debt and its lowering of the financial strength rating of the country's three top private banks. The actions by Moody's don't warrant any comment by the president, Amaral said. "The president says he's not a stock analyst and that the current crisis affects only the market and not the government," the spokesman said. He said that, therefore, Cardoso won't make any statement on the matters. Amaral said Cardoso wants to reiterate stated policy that there will be no change in foreign exchange policy and that a devaluation of the real currency (BRL) is totally discarded. The spokesman also denied rumors that Cardoso will hold an emergency meeting with Finance Minister Pedro Malan on Saturday. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org

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