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

To: MGV who wrote (6973)	8/21/1998 12:46:00 PM
From: Steve Fancy	Respond to of 22640

Cardoso says Brazil prepared to face global risks Reuters, Friday, August 21, 1998 at 12:36 BRASILIA, Aug 21 (Reuters) - Brazilian President Fernando Henrique Cardoso said Friday that the globalization of world markets created risk for the country, but Latin America's biggest economy was able to handle the overseas turbulence. "Globalization brings risks, but our country is becoming stronger. We are competent to face those risks," he said at a ceremony in Brasilia. "We are going through the Russian crisis without damage as we did with Mexico, Southeast Asia." Brazilian share prices went into a free fall Thursday and Friday after an economic crisis in Russia spilled over to neighboring Venezuela. Brazil's dollar-denominated C bonds, which are generally viewed as a benchmark for the region, also took a beating but Cardoso said the country was able to withstand the crisis. "We are prepared but there are risks," he said. Copyright 1998, Reuters News Service