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Brazil Tries to Fight 'Wave of Anxiety' on Economy By:
Larry Rohter
ABSTRACT - Brazilian government tries to calm roiling financial markets and bolster its sinking currency by announcing package of measures meant to restore confidence; Finance Min Pedro Malan says government will tap $10 billion line of credit with International Monetary Fund, increase its budget surplus and buy back some of its foreign debt; value of Brazilian currency, the real, has fallen 17 percent against American dollar this year, with most of loss in last two weeks; main stock market index has fallen more than 15 percent since January, and bond yields have shot up nearly 20 percent in June; much of market nervousness can be attributed to growing worries about presidential election to be held in October, race now led by Luis Inacio da Silva of left-wing Workers' Party; recent polls show da Silva with support of more than 40 percent of voters, lead more than 2 to 1 over Jose Serra, handpicked candidate of Pres Fernando Henrique Cardoso; analysts fear that if da Silva is elected, he will renegotiate or even default on Brazil's foreign debt; photo of Malan with Central Bank president Arminio Fraga (M) FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Action on Aging distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
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