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

To: jayray who wrote (11391)	1/11/1999 11:27:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Jay, my but is panic selling and folks just throwing in the towel again. My interpretation of the news is generally positive...lack of support for Itmar (or whatever this jerks name is). Don't like Rio's definat statement regarding not privitizing the water facility, and am slightly surprised at Cardoso's statement that he's willing to talk to Itmar (I thought the gov can't budge on their stance) but we don't know what he has in mind. OTOH, I expect this will help spur good news out of Congress, we've withheld a 9 something billion payment to Mineas, and all govenors with the possible exception of Rio sound to support the Government. Remember as Fernando pointed out Sau Paulo hold the largest portion of the states debt and has suggested full support for the government. Sounds like an important ally was held back due to health issues. I suppose we would be in big trouble if anything happend to Covas or Cardoso. Not far off from the 1 year point from the death of Motta. Looks like they're trying to hold the 68 level, though a DOW sell off could spur additional selling...at least till we get more news. sf