SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.896-0.9%Nov 21 9:30 AM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Worswick who wrote (11595)1/13/1999 5:03:00 PM
From: Steve Fancy  Read Replies (4) of 22640
 
Morgan Stanley's Francico Gros on Brazil's Devaluation: Voices

Rio de Janeiro, Jan. 13 (Bloomberg) -- Francisco Gros,
former president of Brazil's central bank and Latin American
Chairman of Morgan Stanley Dean Witter & Co. discusses the
Brazilian real and the resignation of Central Bank President
Gustavo Franco.
''Anybody who put money into Brazil recently was made to
look silly,'' Gros said in a telephone interview from his offices
in New York.
''Gustavo (Franco) is a man of courage and is not afraid of
a fight, and I don't believe he left because of a decision to
devalue the real faster than expected but because of the
objectives behind that decision were not what he believes in.''
''Again, the government has underestimated the seriousness
of the crisis and shown its disrespect for investors and the
markets. They are sitting and whistling in the dark.''
''Instead of floating the currency, they drew a new line in
the sand. Nobody takes the new line seriously. The real has
already hit the line.''
''If they had floated the currency the real would have
plunged even further against the dollar, but it would have come
back. This isn't Mexico, Brazil has reserves, but now they are
committed to spending them defending a line that no one takes
seriously.''



--------------------------------------------------------------------------------

© Copyright 1999, Bloomberg L.P. All Rights Reserved.

Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News