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

To: posjim who wrote (9628)	11/12/1998 1:16:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil, IMF Finalize Aid Package Terms-Local Media Reports Dow Jones Newswires SAO PAULO -- The Brazilian government and the International Monetary Fund have completed negotiations on a financial aid package for the beleaguered South American giant, local media reported Thursday. The Estado news agency quoted a member of the Brazilian team of negotiators as saying that all details have been resolved and that an announcement is possible, "even quite probable" on Friday. According to the report, the delay in the announcement of the package is only a result of careful reviews of the text of the agreement being carried out now. CBN radio also reported that the terms of the aid deal had been completed, but said that the official unveiling will be made next Tuesday by the Brazilian government in Brasilia. According to CBN, the international aid package will total "a little less than $42 billion."

To: posjim who wrote (9628)	11/12/1998 1:18:00 PM
From: Steve Fancy	Respond to of 22640

Brazil Min, Prosecutors Meet On Phone Tapping In Scandal Chgs Dow Jones Newswires BRASILIA -- Brazilian Communications Minister Luiz Carlos Mendonca de Barros was appearing at the Federal Chief Prosecutor's Office Thursday morning to address telephone tapping connected to allegations of a financial scandal in which top government officials are indicated, justice officials said. As reported, a local magazine Sunday published anonymous allegations that President Fernando Henrique Cardoso, Health Minister Jose Serra and Sao Paulo state Governor Mario Covas have a secret $368 million fake company account in the Cayman Islands. The government has denied the allegations. A former Communications minister, the late Sergio Motta, is also implicated. The claims have diverted attention away from Cardoso's attempts to revive the Brazilian economy and Wednesday contributed to a decline of nearly 3% in the Sao Paulo stock exchange. Private telephone conversations made by Cardoso, Mendonca de Barros and others apparently were illegally recorded on tapes acquired by the National Intelligence Service and the presidential security office last week. The author of the tapes is unknown and their contents haven't been revealed. Military chief-of-staff General Alberto Cardoso, who isn't related to the president, late Wednesday said the affair appeared to be "an attempt to blackmail top government officials" and that the whole dossier had been handed over to the Federal Police Department and Chief Federal Prosecutor Geraldo Brindeiro.

To: posjim who wrote (9628)	11/12/1998 1:19:00 PM
From: Steve Fancy	Read Replies (6) \| Respond to of 22640

Portugal Will Contribute $350 Mln To Brazil Aid Package Dow Jones Newswires LISBON -- Portugal will contribute $350 million to a financial aid package for Brazil organized by the International Monetary Fund, a Portuguese Finance Ministry official said Thursday. The total package is expected to total around $30 billion dollars, the ministry official said, speaking on condition of anonymity, though Brazilian media have reported the package will total more than $40 billion. According to a report from the Portuguese news agency Lusa on the package, some $15 billion in aid will come directly from individual countries, including the Group of Seven Leadnig Industrialized Nations, Spain, Sweden, the Netherlands, Denmark, Austria and Switzerland. The remainder will come in the form of an IMF and World Bank emergency credit line, Lusa reported. Earlier Thursday local media in Sao Paulo reported that negotiations between the IMF and the Brazilian government on the support package have been completed and an official announcement is possible either this week or early next week. -By Erik T. Burns; 351-1-319-1863; eburns@ap.org

To: posjim who wrote (9628)	11/12/1998 1:20:00 PM
From: Steve Fancy	Respond to of 22640

IMF Not Commenting On $42 Billion Brazil Package Reports Dow Jones Newswires WASHINGTON -- International Monetary Fund officials here wouldn't comment Wednesday on news reports that it will provide $18 billion toward a rescue package for Brazil totaling $42 billion. An IMF spokesman said the IMF won't be commenting on the Brazilian package "so close" to the a announcement, which is widely expected either later Wednesday or - more likely according to sources - Thursday. Earlier Wednesday, Brazil's daily financial newspaper Gazeta Mercantil reported that multilateral organizations - led by the IMF - will contribute $27 billion toward the total rescue package. Of this amount, the World Bank and the Inter-American Development Bank will provide $4.50 billion each, the newspaper reported. A further $13.70 billion-$15.20 billion is expected from 11 members of the group of 10 industrialized nations, comprising the U.S., Canada, France, Germany, Italy, Japan, the U.K., Switzerland, Sweden, Belgium and the Netherlands. Gazeta Mercantil said another $1 billion will be provided by the central banks of Austria, Denmark, Finland and Portugal, which will kick in $250 million apiece. The Brazilian package has been anticipated since early October but apparently has been delayed firstly by elections in Brazil and by haggling over the scope of aid from donor countries and the private sector, according to various sources. Separately, an IMF official in Washington D.C. confirmed there will not be any statement on the Brazilian rescue package by the multilateral agency Thursday. He wouldn't comment further on the possible timing of a release of the full details, including the reports from Sao Paulo that the announcement is likely Friday. Separately, an IMF official in Washington D.C. confirmed there will not be any statement on the Brazilian rescue package by the multilateral agency Thursday. He wouldn't comment further on the possible timing of a release of the full details, including the reports from Sao Paulo that the announcement is likely Friday.