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To: Lucretius who wrote (21765)	2/25/1999 9:29:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

there may be a breakdown in the debt situation as the state govs are not on the same page as the President and the IMF.. That could be a big developing negative. There has been insufficient mention of the capital outflows form Brazil the past couple of weeks. Thursday February 25, 4:19 pm Eastern Time Brazil shrs plunge 3 pct ahead of eventful Friday SAO PAULO, Feb 25 (Reuters) - Brazilian bluechip stocks dropped more than 3 percent in late trade on Thursday as investors nervously braced for key political and economic events scheduled for Friday, traders said. The Bovespa index (^BVSP - news) lost 3.4 percent to 8,649 points with 10 minutes of the session left. The market's bellwether share Telebras dropped 3.8 percent to 127 reais. On Friday, the Central Bank's newly nominated president Arminio Fraga, formerly a top aide to billionaire George Soros, was due to face a panel-level confirmation hearing before the Senate's Economic Affairs Committee. Separately, 26 of the country's 27 state governors were slated to sit down with Brazilian President Fernando Henrique Cardoso to discuss debt issues as some opposition governors were demanding an easing of their debt burden. "Sao Paulo's falls began today with slumping New York shares. But while stocks there improved, prices here didn't because investors were worried about tomorrow," said one local trader. The Dow Jones Industrial index (^DJI - news) closed down 0.35 percent or 33 points at 9366.34 recovering from an intrasession low of 9233.32..