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

To: Steve Fancy who wrote (8891)	10/7/1998 3:00:00 PM
From: Steve Fancy	Read Replies (3) \| Respond to of 22640

Brazil Cardoso says no fiscal "package" in offing Reuters, Wednesday, October 07, 1998 at 14:46 SAO PAULO, Oct 7 (Reuters) - Brazilian President Fernando Henrique Cardoso said on Wednesday that he is not planning a post-election "package" of fiscal measures. "There isn't any kind of a package," Cardoso said at his first news conference after Sunday's general elections. Cardoso, however, said he wanted his economic team to prepare a three-year fiscal adjustment plan for his review by Oct. 20. Cardoso said he is determined to balance public accounts and that he hopes to have a balanced budget by the end of next year. Cardoso also said he will "preserve the real." Some economists have suggested that Brazil will have to adjust its foreign exchange policy to allow a one-time or gradual devaluation against the dollar. Cardoso spoke for the first time since the elections to claim victory and thank voters for giving him an unprecedented second term. With about more than three quarters of ballots counted, Cardoso has a wide lead, guaranteeing a first-round victory. Cardoso is expected to announce sorely-needed fiscal reforms in coming days that could also pave the way for an international rescue plan in the wake of Brazil's financial turmoil. Copyright 1998, Reuters News Service