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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 21 4:00 PM EST

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To: Zeev Hed who wrote (3393)	1/7/1999 9:22:00 AM
From: Tony van Werkhooven	Read Replies (1) of 99985

Zeev- I don't think your statement <Brazil folding, they have called a moratorium on debt> is correct. One of the states is playing chicken with the federal government, trying to renegotiate a deal that was already negotiated in a manner very favorably to the states (i.e. 6% over the inflation rate, which is currently negligible). This sure undoes the impact of the vote for tax increase in the special session yesterday. As long as the federal government takes a strong stance on the issue, i.e. takes the required payments from federal transfers to the states, it should not impact the federal government. However, it is certainly reflective of the wrenching changes that Cardosa is trying to implement. As I noted in another post this AM, Pinochet never had this much trouble implementing change in Chile. <BG>. Before anyone flames me for this statement, I also believe that whatever time Pinochet spends in jail, it is not enough.

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