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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Shread who wrote (827)	9/18/1998 3:25:00 PM
From: Bob Howarth	Read Replies (2) \| Respond to of 14638

On I think Tuesday in London FT there was a detailed article on the staggering debt being accumulated on a daily basis in Brazil, something like 80 billion per annum simply on the interest rate which is set daily in the over night market and floats, and giant amounts are very short term. I think total debt was 290 billion, growing exponentially. Brazil must cut government spending immediately by 6-7 % just to stop bleeding and this means radical cutbacks in social security, pensions, etc. The constitution they have makes it impossible to reform this stuff. The IMF would have to come up with a clean 100 billion just to shore them up and the last time I checked they don't even have 20. Ouch! Remember Mexico after 1994 election!!! Once Brazil defaults, there goes the ship!