Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.170

+6.4%

3:59 PM EST

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To: Steve Fancy who wrote (7733)	9/10/1998 1:20:00 PM
From: djane	Read Replies (4) of 22640

thestreet.com on today's Brazil carnage thestreet.com Indeed, Brazil is the market's biggest problem right now. The Bovespa was down more than 11%, and capital is fleeing at a dangerous rate. As of yesterday, an estimated $9 billion had left the country this month. It is not just foreign money -- locals no longer believe in their economy. Throwing gasoline on the fire, Standard & Poor's lowered its rating outlook on Brazil's unsecured foreign currency debt and real-denominated debt to negative. This has damaged banks badly. Loan exposure to Brazil was $15.8 billion dollars as of the end of last year, according to the Bank of International Settlements -- a good deal more than the $7.1 billion of exposure to Russia. Total bank exposure to Latin America, which has already been damaged badly by the crisis in Brazil, was $63.4 billion. The Philadelphia Stock Exchange/KBW Bank Index was down 5%.

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