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

To: lebo who wrote (9437)	11/4/1998 11:56:00 PM
From: Steve Fancy	Respond to of 22640

Lebo, I might use the words could be or should be, but I'd never suggest it will be. Good luck. sf

To: lebo who wrote (9437)	11/5/1998
From: Steve Fancy	Read Replies (4) \| Respond to of 22640

Brazil OK's Economic Reform - From the New York Times A.P. INDEXES: TOP STORIES \| NEWS \| SPORTS \| BUSINESS \| TECHNOLOGY \| ENTERTAINMENT Filed at 9:53 p.m. EST By The Associated Press SAO PAULO, Brazil (AP) -- Brazil's president scored a crucial victory Wednesday when Congress approved belt-tightening measures intended to rein in spending and show the government is serious about economic reform. Congress voted to approve two measures that capped civil servants' pensions, and set minimum retirement ages of 53 for men and 48 for women. Brazil previously had no minimum retirement age. The government agreed to drop a third measure that would have limited special pensions for people working under hazardous or adverse conditions. Congress voted 343-125 to approve a measure to set a $1,000 monthly pension ceiling for retirees from the social security system and 346-131 to approve the new minimum retirement age. The measures are expected to save $2.5 billion. While the amount is barely enough to make a dent in Brazil's deficit, it would go along way toward proving that Brazil's independent-minded Congress is serious about cutting the country's ballooning budget deficit of around $65 billion -- 7 percent of the country's gross domestic product. The vote also helps the government measure its chances of getting Congress to approve fiscal austerity measures unveiled last week, analysts said. The government unveiled a mix of taxes and spending cuts in a bid to save nearly $24 billion in 1999 and about $80 billion by 2002. The measures must be approved by Congress. On Tuesday, President Fernando Henrique Cardoso underscored the importance of Congress' approval of the reform bill and the multi-year fiscal stabilization plan. ''The whole world is watching us, watching to see if we'll be able to resolve the crisis,'' the president said. Faced with a slumping economy, Brazil is hoping to win a rescue package of some $30 billion from the International Monetary Fund. nytimes.com