Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.896

-0.9%

Nov 21 9:30 AM EST

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To: David Petty who wrote (11422)	1/12/1999 9:54:00 AM
From: Bob Howarth	Read Replies (4) of 22640

If 70% of assets of UBB is government debt, and default occurs on this debt, then book gets reduced by 70%! Does anyone know what the breakdown is for these government loans? If it is only to the Federal government, great. What I don't understand. If New York State owed US Feds 1 billion dollars and defaulted, it would be a meaningless event for US gov but New York State would be in big trouble. Did Brazil Feds borrow from outside country to loan money to states? Also, if states have no money and Feds simply keep taxes and don't distribute them to states, where do states get the money to pay state employees? Won't they have to restructure? Things look bleak in Brazil. Place hasn't changed in 100 years. Still run by a bunch of losers.

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