Palocci questions JP Morgan recommendation to reduce Brazilian bonds

03/12/2002 - 13h04

Brasília, December 3, 2002 (Agência Brasil - ABr) - Antônio Palocci, coordinator of the president-elect's transition team, said today that Brazil has shown itself to be an economically strong country, overcoming obstacles in a very positive way. For this reason, he sees no motive for a reduction in Brazilian government bonds, as recommended today by the JP Morgan Bank. Palocci recalled that the trade balance continues to improve, going from an anticipated US$ 5.5 billion surplus to US$ 12 billion this year, which demonstrates the force of the country's economy. "We face difficulties on the macroeconomic level, but they are being overcome. There is no motive for considering it reasonable to suppose there is any greater element of risk. I believe that Brazil is emitting very positive signs, not negative ones," he pointed out. (DAS)