So far, his views about the long term seem rather nebulous.
This is positive. The tax structure that exists today in Brazil, even for local investors, is an aberration.
I still think it will be 0.75 in January, but the minutes pointed more toward 0.50 again.
Gustavo Franco had a good relationship with international banks and this change is very traumatic. Everything now is going to be related to Fernando Henrique (Cardoso)'s stance and that of Congress.
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