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

To: Steve Fancy who wrote (8350)	9/21/1998 1:27:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil urges global solutions to financial woes Reuters, Monday, September 21, 1998 at 13:13 UNITED NATIONS, Sept 21 (Reuters) - The foreign minister of Brazil, whose country is battling a financial crisis, told the U.N. General Assembly on Monday that international solutions must be found for worldwide financial problems. "The events of the past few months have revealed a serious lag between growing financial interdependence and the modest effectiveness of existing international mechanisms for dialogue and coordination," Foreign Minister Luiz Felipe Lampreia said. Taking part in the Assembly's annual debate -- in which Brazil is traditionally the first country to speak -- he said the "defining trait of this particular moment we are experiencing is the troubling instability" besetting global financial markets. "Until now, political will has not corresponded to the magnitude and gravity of the situation. The crisis will not resolve itself. We must join together to face it," he said. Brazil, which along with other Latin American countries, faces an economic crisis as investors have been pulling out of emerging markets, holds a presidential election on Oct. 4. Apparently alluding to such bodies as the Group of Seven industrialized nations, Lampreia said the world could not depend only on the "willingness, capacity and interest of a select number of countries to mobilize and lead international efforts" in one direction or another. The Brazilian minister, who spoke in English, also said existing international financial bodies could not be fully relied on to deal with the current crisis. Possibly reflecting disenchantment with the International Monetary Fund, which imposed stern fiscal conditions on Brazil in the 1980s, he said: "We can no longer accept situations such as the present financial crisis in which, despite the undeniable international nature of the phenomenon, governments and societies simply do not fully trust any of the existing organizations, fora or mechanisms as a source of support, guidance or even interpretation of the problem at hand." Serious consideration must be given to "the fact that growing interdependence renders effective governance at the international level indispensable," Lampreia added. "We have before us an essentially political challenge. This does not mean simply modernizing decision-making procedures or administrative structures, but giving multilateral treatment of issues the priority it so often receives in our speeches and statements." Copyright 1998, Reuters News Service