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Show Page A8 THE DAILY HI R ALU, Prove.. Llah. Tuesday, Oetober 6, lN8 Brazil focwis in (U.S. effiwl lio s&op ecoououroDC miexft to move quickly to its own economy. By MARTIN CRUTSINGF.R AP Economics Wnier 22 nations on recommended changes to the global architec- jump-star- t "We must ensure that the international financial archiworked behind the scenes tecture is prepared for the chalMonday on a multihillion-dollalenges," the president told bailout package for Brazil as finance ministers and central President Clinton told top bank presidents from the finance officials from 22 nations world's richest countries and a that more must be done to com- representative group of develbat a widening economic crisis. oping nations. Clinton opened the discus"Kvery country has a role to play," Clinton said, specifically sions, which were to focus on mentioning the need for Japan three reports prepared by the WASHINGTON U.S. offi-tial- s r several is ways the administration ture. The recommendations seeking to demonstrate leaderconcerned the need to improve ship and instill confidence in banking regulation and provide shaky markets. But the effort so far has quicker, more accurate financial data rejMirts to guard against failed. The Dow Jones industriunwanted surprises that might al average fell by as much as trigger foreign investors to 233 points on Monday before begin pulling their money out. staging a late rally to end the The special conference of day down only 58 points. That is finance ministers and central still more than 1,600 points bank presidents, which Clinton below its record set in July, called for last month in a New before concerns about Asia's York speech, was one of crisis impact on U.S. corporations' a second round of voting ocxUfr Oct. 25. profits began to intensify. In other countries, investors Wall Street's bad performance followed an even worse were disappointed that weekthe at day overseas as Asian markets end meetings plunged. Tokyo stocks hit their International Monetary Fund lowest point since early 1986. and among the Group of nations failed to pro-Brazilian stocks also dropped sharply Monday as investors duce any major new initiatives there feared Brazilian President to deal with the economic probFernando Henrique Cardoso will lems that began in Asia last;; delay any announcement of year, leveled the Russian eeon-.-- . measures needed to my and are now threatening stabilize Brazil's economy until Latin American countries. ... - Seven-wealt- hy 1 m Measures will test Cardoso's popularity By STAN LEHMAN Associated Press Writer SAO PAULO, Brazil The first Brazilian president to ever win Fernando Henrique Cardoso must now put his popularity through an even tougher test harsh aus- terity measures needed to break Brazil's economic melt- Three Way Calling down. Cardoso inched closer victory as returns came in from the interior, where the government historically does well. Cardoso must win more than half the vote in Sunday's election to avoid a second-rounrunoff a feat he is expected to easily Monday to a first-ballo- t Caller ID RTsnnTii Call Following d Call Waiting accomplish. But a tougher task lies ahead: to rein in the interna- Call financial crisis that began in Asia and now threatens his country, the newly reelected Cardoso is expected to slash government spending and may increase taxes. With 61 percent of the ballots counted Monday, Cardoso was leading with 51 percent. His closest rival, Luiz Inacio Lula da Silva of the leftist Workers Party had 34.2 percent, while Ciro Gomes of the Popular Socialist Party had 11 percent. Nine other candidates shared the rest. ID i fi Forwarding Call Rejection tional Speed Calling 8 J 1 Continuous Redial rrf Forwarding Last Call Return 'J i Priority Call Watting Call 'i u in Custom Ringing I r i vr op victory was no surprise Brazilians who voted for president, 27 governors, all 51.'? fedof the eral deputies, Senate and 1.405 state legislators. Cardoso had been for the entire the campaign. To most observers, Cardoso has received a clear mandate not only to run Latin America's largest nation for the next four years, but also to protect its economy from the financial turmoil rocking emerging countries, including Brazil. L I to the 106 million one-thir- nJ Selective Call No surprise A Cardoso t d Sl-se- Anonymous Call I Rpiprtinn Call Waiting Deluxe Speed Calling 30 front-runne- r "In Cardoso, Different people. Different lives. Different features, vot- ers clearly demonstrated their confidence in his political leadership and his ability to steer Brazil through the world financial crisis," said Carlos Esteban Martins, a political scientist at the University of Sao Paulo. "Voters showed they were unwilling to rock the boat with a change in leadership," Martins added. "Cardoso has shown during his four years in office that he knows exactly where he wants to go and that he is unwilling to change course, and this was a message voters wanted to hear." is Cardoso's popularity of result the success the largely of the "Real Plan" the economic stabilization plan he helped put together in 1994 when he was finance minister. It dropped inflation from around 2,400 percent a year to near zero now. Since its introduction, the Real Plan has been shored up by high interest rates and an overvalued real, the Brazilian currency. Together, they guaranteed price stability, but caused recession, unemployment and public and trade deficits. And now, like other emerging markets, Brazil is suffering from a loss of investor confidence and a strong outflow of capital. The country's foreign reserves have fallen below $50 billion from the $70 billion posted at the end of Jul. mwmmmmmmmmmmmmmmmmmm. J!Wf,IUHp $2995 It's Introducing CustomChoice All the features you want and your phone line, too. tor one low price. I. a revolutionary way to buy phone service. Enjoy all the teatures that tit your lite and. it anything changes, you can add or change any feature WW at any time. Just so you know, there is never an activation charge tor the teatures. And it you order by November 6th. we'll give you $10 off your next phone bill. So give us a call, and we'll help you make your choice. life's better here Q Just call Home Ottice Consulting Center www.uswest.comordernow 1998 U S WEST. NOT AVAILABLE IN ALL AREAS. 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