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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.800

-3.1%

Dec 2 3:59 PM EST

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To: Steve Fancy who wrote (8655)	9/30/1998 3:15:00 PM
From: Steve Fancy	Read Replies (11) of 22640

Brazil Govt Again Denies Fiscal Package After Election September 30, 1998 Dow Jones Newswires BRASILIA -- For the second time within 24 hours a top Brazilian government executive quashed persistent market rumors of a tough fiscal package to be announced right after next Sunday's elections, the Estado news agency reported Wednesday. "Such a post-election package doesn't exist," the Finance Ministry's executive secretary Pedro Parente told Estado. As reported, Tuesday night presidential spokesman Sergio Amaral guaranteed that "the population won't be surpised by a post-election package". Cardoso is widely expected to be re-elected for a second four-year term in a landslide victory next Sunday. Market watchers and political analysts are predicting a massive fiscal adjustment package, including a possible tax hike, to be announced next week in response to the current financial turmoil battering Brazil. Parente said that the government's economic management team is only working on proposals "to define measures of a permanent and positive nature". He didn't give further details. At his daily press briefing on Tuesday, Amaral said that the government is elaborating fiscal measures "to be applied over the next three years". -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org

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