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

To: Steve Fancy who wrote (12225)	1/23/1999 8:50:00 AM
From: Alfredo Nova	Read Replies (1) \| Respond to of 22640

Steve, Mr Ciampi has been an excellent Governor of the Bank of Italy (position equivalent to Mr Greenspan's in the Italian system) and a good Prime Minister in the early 90s. He has reduced the Italian budget deficit to levels acceptable to the European Union, using a coordinated series of interest rates cuts. Working with Mr Romano Prodi, our Prime Minister until late 1998, he has been one of the major architects of Italy's good performance so far in joining the Euro from day one. If anyone knows the importance of lowering interest rates to reduce state deficit and expand the economy, Mr Ciampi does. In view of the current increase of interest rates in Brazil, I think the positive comments by Mr Ciampi are a good sign. However, we should not forget that Italy does major business in Brazil, starting with the automaker Fiat, which has close ties to the Italian government and it is seen as the symbol of Italian manufacturing capacity. Italy will do anything to help stabilize Brazil. ciao Alfredo