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

To: RockyBalboa who wrote (11609)	1/13/1999 8:16:00 PM
From: David Petty	Read Replies (3) \| Respond to of 22640

Christian, many thought that the best course would have been to devalue and more properly position their currency quite some time ago. It would have allowed for the real healing to have begun and we would be in a better position today. Major surgery was called for, not bandaided minor measures that did not stop the bleeding. Obviously the Brazilian negotiators got the best of the teethless IMF... better to have never given them the money without seeing concrete measures taken, than to now take back the rest of it. As Steve said sometime ago, the worst thing the IMF did was to give that first $9 billion or so before forcing Congress's vote on the pension/ss changes. This is not the first IMF hastened fiasco... absolutely no one listens and learns from history... having said that, as much as I despise Itmar Franco and his motives, it seems to have surely gotten everyone's attention. I would sure hope the jolly partying Brazilian Congress is ashen faced serious tonight and forward...