Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.080

+1.4%

3:59 PM EST

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To: Steve Fancy who wrote (7910)	9/11/1998 5:17:00 PM
From: Steve Fancy	Read Replies (2) of 22640

Regular Fed Mtg Sparks Unrealistic Hopes Of Brazil Bailout By CAROL S. REMOND Dow Jones Newswires NEW YORK -- Speculation that an aid package to prop up Brazil's battered financial markets was on its way may end up being just that. While numerous rumors that the International Monetary Fund, the Federal Reserve Bank, or the U.S. Treasury had met Thursday to discuss the financial woes of the Latin American giant sent markets reeling Friday, market sources said it's probably much ado about nothing. "What happened yesterday was a regularly scheduled meeting of the Federal Advisory Council. Nothing more," a source familiar with the meeting said. Rumors that Brazil was on the verge of receiving some form of a massive aid package to help the country stabilize its spiraling economy helped boost Latin markets Friday. But market participants warned that such a package was unlikely given the fact that the IMF coffers have been depleted by Asian and Russian bailouts. Also, they said the political environment in the U.S. was likely to prevent the Clinton Administration from playing a major role in such efforts. Fed sources confirmed that a scheduled meeting between 12 commercial bankers - one for each Federal Reserve District - and the board of governors of the Federal Reserve system took place in Washington D.C. on Thursday. And although it's likely that the topic of Brazil and more broadly Latin America came up during the meeting, market sources said that such talks were a long way from actually planning an aid package for the region. A Fed spokesman declined to comment on what was discussed during the meeting. Founded in 1913 by the Federal Reserve Act, the Federal Advisory Council consists of one member - traditionally a commercial banker - from each Federal Reserve District. The Council is required by law to meet four times a year with the Board of Governors to discuss economic and banking matters. The Council will next meet in November. -By Carol S. Remond; 201-938-2074; carol.remond@cor.dowjones.com

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