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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: SGJ who wrote (4299)	8/10/2002 12:55:10 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

dont be making fun of my careful metaphors <g> a bucket of water on a bonfire, as far as fixing the problem a bucket of gasoline on a bonfire, as far as publicizing the urgency of the problem, which is likely to push the Brazilian wealthy into taking money out exactly when they and their cozy politico friends attempt to soothe frayed public nerves Trez ONeill is an effing turkey while I agree with his comment about funneling money to Swiss banks, he must be impaled in SaoPaolo square for saying it publicly the result was a quick 10% devaluation of the Real that translates to a $30B increase in their debt and resulted in the bailout being $30B, not $20B which was the amount discussed only two weeks ago I stick with my call it would take well over $30B per quarter to calm things down probably more like $50B/qtr the dollarized nature of their debts will kill them this will spread worse than Asia in 1997 and let's not forget... South America is considered THE WARD OF THE USA I believe SudAmerica will come close to killing the entire US banking system just give it time this entire continent is going bankrupt on sovereign debt but is the USA much different? I read a nasty commentary a couple weeks ago about SudAmer they like the good life, just like US citizens they feel it a right to spend beyond their means, like US they regard our constant infusions of funds as "their right" they dont largely invest it they instead spend it and steal it in this respect, we are no more, more less corrupt the US masses are unaware that the USA image is fast becoming a nation of technology, warfare, and theft / jim

To: SGJ who wrote (4299)	8/10/2002 1:18:33 PM
From: abuelita	Read Replies (1) \| Respond to of 89467

from the globe and mail: ELECTION POLL ROILS BRAZIL'S MARKETS Bovespa slides into red after survey shows market's top pick for president lagging SAO PAULO, BRAZIL -- Brazilian financial markets slid back into the red yesterday as a fresh election poll put a damper on investor optimism over the country's big loan deal with the International Monetary Fund. Brazil's currency, stocks and bonds had rallied sharply on Thursday after the IMF announced it would lend the troubled country $30-billion (U.S.), briefly putting a lid on market fears that a leftist may be elected president in October. Those same fears, however, roiled markets yesterday after local polling agency Ibope released a survey showing the market's top pick for president, government candidate Jose Serra, was falling further behind two left-of-centre front-runners that have long spooked investors. "After all the euphoria yesterday over the IMF package, the Ibope poll was a stark reminder of the political uncertainty that still clouds the market outlook," said Helio Ozaki, a financial analyst at Finambras, a Sao Paulo brokerage. On a more positive note, Brazil will obtain $3-billion in new loans from the World Bank and the Inter-American Development Bank to fund programs for the next 18 months, the Finance Ministry said. The World Bank will provide $2-billion in additional credits, bringing to $4.5-billion the amount it will lend the country this year, the ministry said. The IDB will give Brazil $1-billion in new credits, it added, bringing to $2.5-billion the amount it will lend Brazil this year. The loans "will be ready for the country, in the context for some co-operation programs to be developed within the next 18 months," the ministry said. There was also good news from Brazil's state oil giant Petroleos Brasileiros, which said yesterday it had discovered a "gigantic" oil field in the Campos Basin off the coast of the state of Espirito Santo. Petrobras estimated the find contained about 600 million barrels of oil reserves. Brazil's battered currency, the real, fell 3.2 per cent at the opening bell yesterday to 3.005 per U.S. dollar. It closed at 3.0202. On Thursday, the currency rallied nearly 4 per cent on the IMF news to 2.91, its strongest closing price since July 22. Meanwhile, stocks on the Bovespa index fell 3.2 per cent to end at 9,989.97 points, dragged lower by a 3.8-per-cent drop in shares in the country's top private bank, Banco Bradesco. On Thursday, the Bovespa surged 4.5 per cent, posting its biggest one-day percentage gain of the year. Though the market warmly embraced the IMF aid package, many analysts warn that the accord may not be enough in itself to fuel a long-term rally, as politics remain key. Thursday's poll showed Ciro Gomes, a centre-left former finance minister viewed by many in the market as a loose cannon, rising two percentage points to only five percentage points behind long-time front-runner Luiz Inacio Lula da Silva of the left-wing Workers' Party. Wall Street believes Mr. Serra would be more likely than Mr. Lula or Mr. Gomes to maintain and build on the free-market reforms that have brought an unprecedented period of macroeconomic stability to Latin America's largest economy under President Fernando Henrique Cardoso. Spooked by the country's political outlook, many foreign banks have cut credit lines to Brazilian companies in recent months, adding to a cash crunch in the currency market.