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http://www.larouchepub.com/other/2002/2931braz_bailout.html

"The danger of an imminent Brazilian default-with its $500 billion real
foreign debt and an out-of-control domestic public debt bubble-was too big
to digest. The entire system could blow out at a moment's notice.

"So this IMF package is not a favor to Brazil; it is a favor to a United
States that doesn't know what the hell else to do under these circumstances.
It has to be understood that way. Obviously, in this situation, they are
going to try to bail out Citibank, J.P. Morgan Chase, and probably some
other U.S. and European banks as well."

[ ]

"In Brazil, as long as the dollarization of its debt continues, nothing is
going to work," LaRouche emphasized. "The only thing you can do is freeze
the unpayable debt. Then you have to go to a fixed exchange rate, which you
defend with exchange controls and capital controls. That's the only way: you
have to defend a fixed value of the Brazilian real against the dollar, and
put an end to the free convertibility between the two currencies. With that
in place, you then activate domestic credit mechanisms to keep the nation's
vital real economy alive."

"The system is finished, and people have to recognize it. The IMF system is
dead: it can't handle this crisis. You need a solution that will stabilize
the situation, and actually work-these tricks are not going to do it. There
is no solution in this system."