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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.406-15.3%Jan 20 3:59 PM EST
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To: Steve Fancy who wrote (8395)9/22/1998 12:39:00 PM
From: Steve Fancy  Read Replies (1) of 22640
 
Germany Unaware Of Any Immediate IMF
Measures For Brazil

Dow Jones Newswires

BONN -- Germany doesn't have any information about any immediate
plans by the International Monetary Fund to create an assistance package
for Brazil, a spokesman for Germany's finance ministry told Dow Jones
Tuesday.

"We don't have any information that the IMF is already active," the
spokesman said.

Last week, Brazil's Finance Minister Pedro Malan said that Brazil was
negotiating a package of a "preventive, not rescue" nature with the IMF.
He refused, however, to comment on the possible terms of such a
package.

The German finance ministry spokesman ruled out any bilateral help from
Germany for Brazil but said that IMF assistance for Brazil "is a possibility."

However, he also pointed to the IMF's current liquidity problems but said
that credit line extensions could be negotiated.

Malan reiterated Monday that Brazil won't devalue its currency, the real,
and has no plans to impose restrictions on foreign capital outflows.

Brazil's international reserves have tumbled to around $49 billion, from
over $70 billion at end-July, as foreign investors fled the country fearing
market turmoil could produce a full-blown economic crisis.

London-based analytical service IDEA will at 930 GMT publish a report
relating to impending G-7 action on emerging market turbulence. The
report is expected to forecast an impact on financial markets from the
turmoil.
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