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To: Cynic 2005 who wrote (9603)	10/28/1998 10:28:00 AM
From: HB	Respond to of 86076

"spending cuts and tax increases" for Brazil That seems pretty stupid if you're facing a recession, though I don't know the details of their budgetary situation.

To: Cynic 2005 who wrote (9603)	10/28/1998 10:38:00 AM
From: John Dally	Read Replies (3) \| Respond to of 86076

>>About 60 percent of the company's debt has been hedged by taking about $480 million of its cash and investing it in U.S. treasuries, Palmer said. The other 40 percent is hedged through interest rate swaps conducted through local banks.<< You know what? We're going to have a melt-UP in Brazil. Everyone has been afraid of a Brazilian devaluation following the election, which means everyone has already taken their precautions. The pressure on the currency has already taken place. The only way to go now is up! BWTFDIK, John.