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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (22397)	7/17/2001 3:05:56 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil Real Opens Stronger;Argentina Wins Deficit Support Dow Jones Newswires July 17, 2001 SAO PAULO -- Brazil's real opened stronger Tuesday after Argentine President Fernando de la Rua late Monday clinched critical support for a plan to slash the nation's deficit. By 1300 GMT, the real was trading at a midrate of BRR2.535 on a spread of BRR2.534 to BRR2.536. The real Monday closed at a midrate of BRR2.581 after the central bank intervened and sold dollars to prop up the weak real. While traders said de la Rua's political victory helped alleviate some pressure on the real, the market continued to worry over the possibility that Argentina could default. There are fears that Argentina may be hard-pressed to service some $130 billion in public debt amid little evidence the country will emerge from a three-year recession. Since the start of the year, the Brazilian currency has depreciated as much as 25%. Monday, the currency set an intraday record low of BRR2.606 to the dollar over market concern about Argentina's prospects. -By Anthony Dovkants, Dow Jones Newswires;55-11-3145-1478; anthony.dovkants@dowjones.com