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To: gdichaz who wrote (15114)	9/17/1998 1:28:00 PM
From: dougjn	Read Replies (1) \| Respond to of 152472

The periphery needs liquidity. Places like Brazil need to avoid a shock devaluation. The only tool we have available to do that right now, today (or that is likely to be available within say three months) is the IMF. I think Rubin and Summers are increasingly directing the IMF's macro policies. (Not micro managing, they can't.) Reducing huge subsidies for gasoline is not necessarily so stupid when there are huge budget deficits. (I'm thinking of Venezuela.) But it shouldn't be dramatically changed overnight, and should be counterbalanced by other measures to encourage growth. Depending upon the countries circumstances. Doug