Don't panic.(devaluation of Brazil's currency) From: The Banker | Date: March 1, 1999| Author: Timewell, Stephen | COPYRIGHT 1999 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

The Brazilian real has been allowed to float by the government following the failure of the Cardoso government to push its fiscal policy program through Congress, capital outflows and the announcement of a 90-moratorium on Minas Gerais state's R$18-billion debt to the government. The real fell by up to R$2.05 to the dollar in late January, devaluating by more than 33.4% after its float on Jan 13, 1999. However, the country is expected to survive the crisis because of the fundamental strength ...

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