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

To: Steve Fancy who wrote (7686)	9/9/1998 5:50:00 PM
From: MGV	Read Replies (2) \| Respond to of 22640

....unable to cut social security ..... Yet! This is an imperative. Cardoso must win big, receive a clear mandate to cut the deficit and respond by winning social security reform. Reading the ML analysis confirms my thought that if Cardoso were to win SS reform, TBR could rally wildly. The street with its excessively negative sentiment has utterly removed any potential for this reform from its discounting of TBR. A surprise on this front would ignite fundamentals. Spending cuts apart from SS reform are not nearly enough and tax increases are debilitating. They must cut entitlements. Watch for a big Cardoso win on 10/4. It is a precondition to all of this.