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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 (11278)1/7/1999 5:33:00 AM
From: Tony van Werkhooven  Read Replies (1) of 22640
 
Steve- on a brighter note- I was surprised at the lopsided vote on the check tax. That may be a good omen on the other votes in the senate. Hopefully, a majority can be mustered in the chamber of Deputies.

Fernando- at this point, what is your sense about the Chamber of Deputies.

On the debt- they just don't seem to get it. "Default" to the federal gov. or whatever you want to call it should not be allowed to work. "They" will pay for it in higher rates for an extended period. Hopefully, the federal government will solve this by flatout saying that they will withold amounts overdue from transfer payments.

OT- It is interesting to see how difficult it is to create fundamental change in a democracy - particularly a multiparty environment in which many politicians are looking out for #1.
This is not limited to Brazil,look at the USA for example and how it has dealt with SS in the past. Chile imposed its current economic environment under Pinochet pretty much as a package with assistance of some U. of Chicago economists. In the long run, probably less painfull the the extended process that Brazil is undergoing.

Before someone flames me on Pinochet- I just want to say that whatever jail time Pinochet gets, it is not enough to pay for the horror he fostered.

Tony
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