Commentary: Brazil Doesn't Need A Bailout. It Needs Leadership

Encouraged by pledges of support for Brazil from President Bill Clinton and the Group of Seven, Sao Paulo's battered stock market soared in mid-September by a near-record 45% in just three days. The rush of dollars out of the country slowed to $350 million on Sept. 15, down from as much as $2.2 billion a day in the previous week. Brokers and analysts chirped cliches about the end of Brazil's crisis, touched off by financial tumult in Russia and Asia in late July.

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