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

To: Steve Fancy who wrote (11734)	1/14/1999 6:37:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's Minas says devaluation worse for debt Reuters, Thursday, January 14, 1999 at 18:08 Itamar Franco, governor of Brazil's third-biggest state, declared last week that he will cease payments for three months on Minas Gerais' $13.4 billion in debt to the federal government. Franco has sent conflicting messages about what the state will do when $108 million in Eurobond payments come due on Feb. 10. The central government has reiterated that it will ensure all of Brazil's foreign obligations are met. Copyright 1999, Reuters News Service

To: Steve Fancy who wrote (11734)	1/14/1999 10:43:00 PM
From: Logos	Read Replies (1) \| Respond to of 22640

>Still very bullish on the Telco's and UBB though, at the point the >currency is finally perceived as fairly valued. I've noticed that a lot of people on this thread are quite bullish on UBB. I like UBB, but I would think that when this whole mess is resolved, and Brazil devalues further, that UBB would lose some ground to the big US banks like Citigroup and Chase and even BankBoston. They have deeper pockets and are based in strong-dollar land, not plunging-real land. I remember reading somewhere that during previous currency drops in Latin America and Asia, the US money center banks captured market share at the expense of the local banks. Wouldn't this happen again, to the detriment of UBB? Thanks. Logos