Thursday, August 21, 2003

Wow, they're even cutting interest rates in Brazil.
Brazil's central bank made a larger-than-expected cut in the country's key interest rate Wednesday, hoping to keep South America's largest economy from sliding in recession. . . .

The bank lowered its benchmark short-term rate to 22% from 24.5%. It was the third rate cut in as many months and the deepest in four years.
Loose money seems to be everywhere these days. But if Brazil -- the second largest economy in Latin America -- were to fall into recession, that would be clear evidence that the global economy is really on the ropes -- it's not just a European thing.


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