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

To: Steve Fancy who wrote (8285)	9/18/1998 1:03:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Cardoso Sees Signs Of International Financial Aid Dow Jones Newswires BRASILIA -- President Fernando Henrique Cardoso expects signals of an agreement on broad international financial help for Brazil before the end of this month, Congress leader Michel Temer said Friday. Following a breakfast meeting with Cardoso and Senate Chairman Antonio Carlos Magalhaes, the chairman of the Chamber of Deputies told reporters that the President justified negotiations on an international aid package to defend the real currency against speculative attacks. According to Temer the President said such international assistance - possibly from the International Monetary Fund (IMF) and the G-7 group - will allow Brazil to lower interest rates again, after they were raised to 49.75% from 29.75% on Sept. 10 in an emergency reaction to market turmoil and heavy outflow of dollar reserves. -By William Vanvolsem; (5561) 2443095; wvanvolsem@ap.org

To: Steve Fancy who wrote (8285)	9/18/1998 1:05:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Special Congress Session Mooted For Key Brazilian Reforms Dow Jones Newswires BRASILIA -- There is a strong possibility that the outgoing Brazilian Congress will meet in a special session after the Oct. 4 elections to vote outstanding key reforms, Senate chairman Antonio Carlos Magalhaes said Friday. Magalhaes told reporters after a breakfast meeting with President Fernando Henrique Cardoso that in view of the current financial turmoil "Brazil must show the world it is really resolving its problems." The special session will consist of current legislators, because the newly elected Congress will only be sworn in after the new year. Magalhaes said the priority will be to finish voting on the few remaining points of the Social Security Reform Bill - which has been in Congress for three years - followed by the newly drafted Tax Reform Bill and fiscal adjustment measures proposed by the government for 1999. Chamber of Deputies chairman Michel Temer, who also joined the presidential breakfast, said "some political re-grouping" was needed to finish the reform process before year's end. He said the government is expected to present the tax reforms and fiscal measures to Congress by Oct. 20 and that he intended to call for final voting on the social security bill Oct. 27. -By William Vanvolsem; (5561) 2443095; wvanvolsem@ap.org