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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.81

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To: John Hunt who wrote (26404)	1/18/1999 12:17:00 PM
From: John Hunt	Read Replies (1) of 116762

Rebel Brazil states say have no cash to pay debts biz.yahoo.com << Rebellious Brazilian states, huddling on Monday to plot the next step in their fight against the federal government's financial demands, said they were in no position to pay debt owed in the coming weeks to Brasilia and demanded their debts be renegotiated. The governor of the northeastern state of Alagoas, one of Brazil's poorest, said as he arrived in the central city of Belo Horizonte that he was not about to follow the lead of Minas Gerais state and declare a unilateral moratorium. ''I don't have any money. I'm not declaring a moratorium. I just don't have any money,'' said Governor Ronaldo Lessa, a member of the leftist Brazilian Socialist Party. Lessa and opposition governors from five other cash-strapped states were attending talks with Minas Gerais Governor Itamar Franco, a former president who in part helped bring about the collapse of Brazil's fixed exchange rate regime by refusing to pay off debt owed to the federal government. >> This is after 40 or 50 Reuters 'news' items on Brazil today saying how great everything was!

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