Telebras (TBH) & Brazil Message Board

STOCKTALK

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 Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Steve Fancy who wrote (12105)	1/20/1999 8:16:00 PM
From: Tony van Werkhooven	Read Replies (1) of 22640

Steve- As you indicated- there is still Itmar to deal with- prior post indicated as follows: Brazil Govt Appeals Court Ruling Favoring Minas Gerais Dow Jones Newswires SAO PAULO -- As the war wages on between Brazilian states and Brasilia over debt contracts, the federal Attorney General's office Wednesday appealed an injunction issued Tuesday that benefited the Minas Gerais state government, an office spokeswoman said late Wednesday. Tuesday's injunction impeded the federal government's automatic access to funds in a Minas Gerais bank to service the states's debt with the federal government. According to a contract signed between former state Governor Eduardo Azeredo and the National Treasury in February 1998, funds equivalent to 13% of Minas Gerais' revenues would be transferred to the federal account monthly. The court ruling Tuesday made it possible for Minas Gerais state Governor Itamar Franco to stop payments on a 16 billion-real (BRR) ($1=BRR1.59) debt rolled over by the federal government for thirty years. On Jan. 6, Franco had declared a 90-day moratorium on federal debt payments. In retaliation, the Treasury blocked the state's share in federal revenue Minas Gerais officials weren't immediately available for comment late Wednesday. -By Adriana Arai; (55-11) 813-1988; aarai@ap.org Steve- how do you think that this will dampen the enthusiasm? Tony

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next