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

To: David Petty who wrote (11801)	1/15/1999 11:29:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Maybe Summers delayed his trip to hang around and buy Brazilian Telco's. The government obviously was clued in...must have been some kind of leak. sf

To: David Petty who wrote (11801)	1/15/1999 11:40:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

David, please help refresh my memory...when is 1200 GMT? This would be the next event to watch for. Then currency rules Sunday or Monday, IMF stance next week, and of course the Tax vote, what was it Tuesday. I think I'm starting to wake up from this deja-vu nightmare. Thanks, sf

To: David Petty who wrote (11801)	1/15/1999 11:44:00 AM
From: Steve Fancy	Respond to of 22640

David, look at this story from the guy that was leaving for family reasons yesterday... Brazil cenbank director decides to stay on Reuters, Friday, January 15, 1999 at 11:17 BRASILIA, Jan 15 (Reuters) - Brazilian Central Bank banking supervision director Claudio Mauch has reconsidered his decision to resign and will stay in his post following Brazil's decision to let the currency trade freely Friday, a spokeswoman said. The spokeswoman said the decision to remain on the bank's board was accepted by Central Bank President Francisco Lopes and Finance Minister Pedro Malan. On Thursday, Mauch announced he would step down for entirely personal reasons and denied there were problems in the banking sector. His decision followed the shock departure of Central Bank President Gustavo Franco and a more than 8 percent devaluation of the real currency on Wednesday. Mauch originally said his resignation decision was not related. On Friday, facing unbearable pressure against its currency, the real, the Central Bank said it would no longer step into the market to defend it. The real plunged to a low of 1.58 per dollar before settling back at around 1.50 reais per dollar, a 12 percent devaluation on the previous outer limit of 1.32. Mauch was partly responsible for ensuring the banking sector's health and restructuring over the past three years. Copyright 1999, Reuters News Service