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Brazil Real Drops as European Officials Meet to Contain Crisis

Brazil’s real fell for a fourth week as European policy makers struggle to find solutions to contain the region’s debt crisis that is slowing global economic growth.

The real dropped 1.5 percent to 1.7331 per dollar at 5 p.m. New York time, from 1.7069 yesterday. It’s down 3.4 percent this week, the worst performer among six major Latin American currencies tracked by Bloomberg.

European finance ministers began meeting in Wroclaw, Poland, to discuss ways of shoring up Europe’s most-indebted nations, with U.S. Treasury Secretary Timothy Geithner in attendance.

“On days like this, the market gets nervous,” Alfredo Barbutti, an economist at Sao Paulo-based brokerage Liquidez DTVM Ltda., said in a telephone interview. “The euro is falling and this would be sufficient to weaken the real.”

Yields on the interest-rate futures contract due in January 2013 fell nine basis points, or 0.09 percentage point, to 10.63 percent.

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