Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.481

+6.4%

1:44 PM EST

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To: Telemarker who wrote (12100)	1/20/1999 8:03:00 PM
From: Steve Fancy	Read Replies (1) of 22640

-------------------------------------------------------------------------------- Brazil's Lower House OKs Crucial Pension Reform Measure Dow Jones Newswires BRASILIA -- The Brazilian government scored a crucial victory on the path to fiscal responsibility late Wednesday when the lower house of Congress approved a pension reform bill that seeks to save some 4 billion reals (BRR)($1=BRR1.58) per year. The measure, which calls for increased social security taxes for civil servants and requires some retired public workers to contribute to the federal pension system, still needs to go through a final vote in the Senate. While it's not immediately known when the measure will be taken to a vote in the upper house, Senate leader Antonio Carlos Magalhaes said earlier this week that Congress would convene weekend sessions to vote key fiscal legislation. The measure was approved by the lower house with 335 votes in favor and 147 against.

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