Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.945

-1.1%

Nov 26 3:59 PM EST

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To: Steve Fancy who wrote (15226)	5/11/1999 6:11:00 PM
From: wl9839	Read Replies (6) of 22640

Steve, If you check the posts from around the time that the social security reforms as they pertained to civil servants were passed, I think you'll find a few stories about threatened lawsuits. As nothing happened immediately, I think the issue just dropped off the radar scope for most publications. However, like most court cases, it has just kept perking along until now that it has hit a critical mass with the negative ruling and the issue being passed on to the higher court to decide. My guess is, ultimately, since the legal argument seems to be that the imposition of the amount of the tax is "confiscatory" that the high court has latitude to decide in the government's favor. This would also be consistent with the judiciary's support of the various challenges to privatization and other challenges to the fiscal reform plan. HOWEVER, I cannot estimate the impact on this support of (i) the CPI into the judiciary and (ii) the justices still being angry about the treatment they received when they tried to raise their salaries a couple of months ago. Well, we needed something to keep us on the edge of our seats.... WJ

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