Financial Times Sobre Lula e o Brasil

O artigo abaixo, do editor do Financial Times, alerta que as reformas de Lula no último ano (2006) são impossíveis mas reconhece que os investidores continuam demandando "all things Brazilian". Este é só um trecho de um artigo maior no Financial Times, mas dá a entender que o editor acha que os investidores, sempre funcionando como uma "manada",- podem quebrar a cara de novo investindo no risco Brasil.
Latin America Agenda
By Richard Lapper, Latin America editor
Published: September 18 2005

Later in the week Severino Cavalcanti, the controversial assembly president, is expected to step down following bribery accusations, triggering a complicated battle to appoint a successor. Added to the burden of the continuing investigation into corruption by three congressional committees, this will further distract congressmen from normal business and makes further reform measures in the remaining year of President Luiz Inacio Lula da Silva’s government even more unlikely. Yet judging by their enthusiasm for a string of recent bond issues, none of this will be enough to knock the enthusiasm of investors. So great is demand for all things Brazilian that the government is pressing ahead with plans to issue a five-year bond in Reais on international markets and several companies - including Gerdau, the steel maker; Odebrecht, the construction company; and Santander Banespa, a bank - have been able to issue high yield perpetual bonds. These have no maturity date but can be redeemed by the issuer after five years. Investors are betting that Brazil will have improved its credit rating by then, probably to investment grade, and that it will make sense to retire the bonds and issue fresh paper at cheaper rates.
Blog do Cesar Maia

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