Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.590

-7.9%

Dec 23 3:59 PM EST

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To: Steve Fancy who wrote (9341)	11/3/1998 2:05:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil's Cardoso: Reforms Needed Before Rates Will Be Cut Dow Jones Newswires SAO PAULO -- As Brazil's Congress gets set to tackle a key reform bill this week, President Fernando Henrique Cardoso said Tuesday that interest rates won't be cut until needed structural reforms are approved. "To cut interest rates, we need to reduce the public deficit, and for that, we need to approve reforms," Cardoso said. "There's no way to escape this." Brazil's key lending rate was nearly doubled to 49.75% in September as investors fled the country following Russia's default and devaluation in August. Cardoso said he is confident that Congress will approve the three outstanding points of the social security bill, which has been delayed in Congress for more than three years. The lower house begins final deliberations on the controversial points Wednesday. "Congress will not fail in its duty to pass the social security reform bill," he said.

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