The Speculators’ Attack: From East Asia and Rubland to Latin America
As Wall Street speculators expand their deadly forays, the global financial crisis has reached a new high point. Under the attack of the speculators, the stock exchange in Sao Paulo broke on Black Wednesday, the 13. January 1998, together. The vaults of the Brazilian Central Bank were blown up; the "dragging along" Tie of the Real to the Dollar was broken. Gustavo Franco, director of the Central Bank, was replaced by Professor Francisco Lopes, who, together with Finance Minister Pedro Malan, immediately left for Washington to meet with the IMF and the U.S. Treasury Department in a meeting on the financial crisis "Consultations" on the highest level.
Public opinion had been cleverly misled; the Asian flu was supposedly spreading "Asian Flu" from… The world media had almost incidentally made Itamar Franco, governor of the state of Minas Gerais (and a former president of Brazil) the "Jack of all trades" and blamed it for iing a suspension of payments to settle debts owed to the Brazilian federal government.1 The threat of the imminent cessation of payments by states had reportedly caused Brazil’s "economic credibility" influenced.