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

To: Steve Fancy who wrote (11412)	1/11/1999 4:55:00 PM
From: Alan Lynch	Read Replies (5) \| Respond to of 22640

Steve, thanks for all the news updates, they are really a great assistance for the holders of Brazilian stocks (myself included) and you should be commended. According to a previous post Cordosa stated apart from that posturing idiot Franco all other facets of the financial restructuring were in place. The support from the remaining state officials who are distancing themselves from "Franco economics" is a definite positive for investor confidence and I am sure the business community in Brazil. The problem IMO is for Cardosa to address the imbalance in Social Security input/output. He is laying the major burden on coporate shoulders with tax increases being immediate, however he is going to have to impose a change in social culture where the onus will fall to the public to provide for their own retirement, particularly in the civil service. My concern is that corporate Brazil can withstand the tax hikes in the short term. Regards,