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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: Rarebird who wrote (3708)	10/24/1998 12:48:00 AM
From: Thomas C (Hijacked)	Respond to of 5676

Rarebird, its really nice to see you in the bear camp. Should be a fun journey in the bear market because after all as long as you KNOW we are in a bear market, you can just think of it as a Bull market in REVERSE! so there should be plenty of opportunities. But you are right, we are in a bear rally climbing back to the old uptrend line and soon to bounce off.... lots of denial in this bear rally... tc

To: Rarebird who wrote (3708)	10/24/1998 9:35:00 AM
From: Haim R. Branisteanu	Respond to of 5676

IMF and Brazil fail to come to terms Copyright © 1998 Nando.net Copyright © 1998 The Associated Press RIO DE JANEIRO, Brazil (October 23, 1998 11:20 p.m. EDT nandotimes.com) -- The International Monetary Fund and Brazil concluded eight hours of talks Friday without reaching an agreement on a bailout package for Brazil's slumping economy. IMF spokesman Francisco Baker said the parties still were working out ways to slash Brazil's budget deficit so the country can qualify for a rescue package reportedly worth $30 billion. Stanley Fischer, IMF vice deputy managing director, arrived in Rio early Friday and met with Brazilian Finance Minister Pedro Malan and Central Bank President Gustavo Franco. They both left after a few hours without comment. The talks about an aid package aimed at shoring up investor confidence in Brazil continued between Fischer and lower-level officials of the Brazilian Finance Ministry. "Discussions centered on reaching an accord between Brazil and the IMF. The Brazilian government presented the IMF details of an economic plan," said Finance Ministry spokesman Joao Batista Magalhaes in a brief statement following the meeting. The talks were believed to hinge on what measures the Brazilian government will take to reduce its ballooning budget deficit of about $65 billion, or some 7 percent of the country's gross domestic product. President Fernando Henrique Cardoso is expected to announce the measures next week. In Buenos Aires on Thursday, Fischer spoke for the first time of concrete figures, saying he believed Brazil would need about $30 billion in emergency aid. He also said the IMF would supply about half of that and the money could be ready in about two weeks. Fischer said that although there had been "important advances," the IMF wanted to know exactly what the Brazilian government intended to do with the money. Brazil has been especially hard hit by the economic turmoil affecting emerging markets. At the height of the crisis, Brazilian stock exchanges lost nearly three quarters of their value and the country has lost more than $20 billion in foreign reserves. Brazil's largest stock exchange, Sao Paulo's Bovespa, lost 4.4 percent Friday after rising for four consecutive days on hope that the announcement of the bailout package was imminent. Also Friday, the United States Export Import Bank said it would lend Brazil about $2 billion to finance imports of American products, Brazilian media reported. The announcement was made by Eximbank president James Harmon after he met with Cardoso. Harmon said the actual loan amount could exceed the $2 billion promised, and that the loans would become available on an as-needed basis, Globo television reported. By MICHAEL ASTOR, Associated Press Writer