A Boost For Brazil If Not For Collor

Brazil's roller-coaster stock markets, driven down in late May and June by corruption charges swirling around President Fernando Collor de Mello, are on the upswing again. They turned in early July, when investors got welcome news. First, in an impressive display, 1,500 top executives attended a dinner to honor Marcilio Marques Moreira, Collor's Economy Minister, and to show support for his reform policies. One day later, Brazil got an even bigger vote of confidence--its creditors agreed to restructure the country's $44 billion of foreign bank debt. That combination sent the Sao Paulo market soaring 25% in three trading days.

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