Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : ADGI - American Diversified Group -- Ignore unavailable to you. Want to Upgrade?

To: richard barnes who wrote (7312)	10/16/1998 8:36:00 AM
From: Dean	Respond to of 9569

Since we don't have any GOOD news here's some bad news out of Brazil. Show me the Money !! 03:06 PM ET 10/15/98 Brazil economic crisis seen hitting Indians hardest By William Schomberg BRASILIA (Reuters) - Brazilian Indians smeared in black warpaint and wielding clubs protested Thursday against a sweeping government austerity plan which has deprived their villages of essential medicine and food. About 150 warriors from the Kaiapo tribe gathered outside the headquarters of the Indian Foundation (FUNAI) in Brasilia where all spending has been frozen as Brazil grapples with its worst financial crisis in years. ''The government has to understand...that FUNAI deals with lives, with our people,'' said Megaron, a Kaiapo chief, after meeting with FUNAI officials. ''If Indians start to die, there will be trouble.'' FUNAI officials said they had no money to deal with at least 10 outbreaks of tuberculosis, malaria, pneumonia and other diseases affecting Indian groups across Brazil. Three members of the Kaxinauwa tribe died this week amid an outbreak of cholera in the Amazonian state of Acre, newspapers reported Thursday. ''Everything is on hold,'' said FUNAI spokesman Roberto Lustosa. ''There's not a cent to be spent.'' Brazil has announced more than $5 billion in budget cuts and is preparing further austerity measures to fend off a crisis that threatens to wreck the country's four-year economic recovery. The plan has the blessing of the International Monetary Fund which is preparing to offer Brazil an emergency credit line, once the government comes up with a full belt-tigthening program. The Oct. 4 reelection of President Fernando Henrique Cardoso was widely interpreted as a sign that Brazilians are prepared to swallow austerity measures to keep the economy alive. Not even the country's cash-strapped health and education services are likely to be spared the ax, officials say. But so far, the most painful cuts appear to have fallen on the country's 320,000 Indians who depend on FUNAI for health and other essential services. ''We believe that the government cannot put Brazil's 215 Indian nations on the negotiating table at the IMF,'' said Marcos Terena, a leader of the Terena tribe and a FUNAI employee. ''We're talking about people who have nothing to do with the crisis.'' He said leaders of several indigenous groups were hoping to meet with Finance Minister Pedro Malan who, as ''the master of the money'', might be persuaded to free up some emergency funds. As part of a first round of austerity measures announced in September, government departments which had already spent 80 percent of the 1998 budget were prevented from making any new outlays until Oct. 31. That measure hit FUNAI. Officials say that even when the temporary freeze is over, most of their budget will be eaten up by debts, leaving FUNAI with less than $1 million until the end of the year. ''We're in absolute chaos,'' said Alexandre Ramos Cristino, head of FUNAI's office in western Mato Grosso state, where even telephone lines have been cut to keep down costs. ''I've got more than 100 Indians in our clinic and there's no money for medicine or food. If we don't find some cash, we're going to have to shut down,'' Cristino said. ^REUTERS@