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State of Brazilian economy ahead of US trade visit

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SHOTLIST August 1, 2002 1. Wide shot people in the streets 2. People in the street 3. Zoom out newspapers hanging at news stand 4. Close up newspaper headline (Speculation takes the exchange rate to 3,47 Reals) 5 Close up newspaper headline (Brazilian crisis threatens Latin America) 6. Zoom in from exterior of Exchange Bureau to Exchange rate board 7. Close up exchange rates 8. SOUNDBITE: (Portuguese) Vox pop: "I think it is driving everybody crazy. Honestly, I am terrified. I hear them saying that it is going to come down but all it does is go up" 9. Pan exterior Exchange Bureau 10. Close up counting dollar bills 11. Woman giving back Reals 12. SOUNDBITE: (Portuguese) Vox pop: "It is very bad. The wages are the same but prices keep going up. How are the Brazilian people going to manage?" 15. Set up shot of vox pop 16. SOUNDBITE: (Portuguese) Vox pop: "Everybody is worried because we were told that there was stability, but now, it is all falling apart. It is obvious we are worried" 17. Wide shot empty electronics shop 18. Pan of shop products 19. Price tag on TV set 20. Pan of bread display in bakery 21. Close up of bread being put in a paper bag 22. Zoom out from petrol pump to petrol station 23. Man paying for petrol 24. Set up shot of economist Antonio Carlos Porto Goncalves - Director of the Brazilian Institute of Economics 25. SOUNDBITE: (English) Antonio Carlos Porto Goncalves - Director of the Brazilian Institute of Economics: "The tendency, I guess, is that the exchange rate cannot go up indefinitely because if it goes up it will immediately correct itself with an increase of exports and hindering imports. So dollars will come through trade and not through foreign investments and things like that." FILE 26. Man carrying a sack of coffee 27. Pile of coffee sacks 28. Close up coffee bag " Cafe do Brasil" 29. Truck unloading coffee sacs at the port 30. Soya grain being loaded into a ship August 1, 2002 31. Computer monitor showing latest stock exchange movement 32. Close up broker on the phone 33. Wide shot operation floor of investment bank STORYLINE: It has been a week of great uncertainty in Brazil. The Real fell to an historic low against the US dollar reaching 3.60, the worst performance of the Brazilian Currency since the launch of the new economic plan 8 years ago. It recovered a little bit by the end of the week but the rise of the dollar made people realize that, maybe, things weren´t going as smoothly with the Brazilian economy as the government was leading the population to believe. People are worried. Most products Made in Brazil need imported parts so the inflation, which Brazilians thought was a ghost from the past, is slowly showing up again. The price of petrol, regulated by the dollar, is pushing up the prices of all other products - even basic products like bread need imported flower. Economy analysts like Professor Antonio Carlos Porto Gonaçalves, Head of the Brazilian institute of Economics are confident that the situation is temporary and stress that what is happening in Brazil has nothing to do with the Argentinean crisis and point out that Brazil has a much stronger economy and a solid banking system. The current exchange rate made Brazilian products more competitive in the foreign markets but the dollars that the government desperately needs will not start flow in immediately. Once again the government has had to go to the International Monetary Fund for help. Rumours that an agreement with the IMF was reached this week was enough to calm down the market. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/b2854fced4d837759af2317768ede009 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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