Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.030

-3.7%

Nov 7 3:59 PM EST

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To: Steve Fancy who wrote (12237)	1/22/1999 11:01:00 AM
From: wl9839	Read Replies (2) of 22640

Another chapter in the Itamar faction versus Brasilia. Interesting how this story has dropped off the radar screen for the last couple of days. Politics Fri, 22 Jan 1999, 1:54pm EDT Brazil to Notify World Bank of States Debt Default Brazil to Notify World Bank of States Debt Default Sao Paulo, Jan. 22 (Bloomberg) -- Brazil's ministry of finance said it will formally notify international lending agencies such as the World Bank that two states are defaulting on their obligations with the central government, making it harder for them to obtain credit abroad, Folha de S. Paulo newspaper reported. The move comes after Minas Gerais and Rio Grande do Sul, Brazil's second and fourth most populous states, announced they would suspend payments on debts they owe to the federal government. The ministry said that after the notification, the states may loose as much as $379.7 million in funds from foreign creditors. The state of Minas Gerais said this month it didn't have the cash to make its monthly payments on the $15 billion it owes the federal government. (Folha 1/22; 1-7) ------------------------------------------------------------------------ ©

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