Rarely has there been a better-timed deal. When the auction of the Brazilian state’s controlling stake in Telebrás, the national telecoms company, took place on July 29, world markets were jittery and investors were nervous that impending presidential elections would undermine Brazil’s fragile stability programme. But the deal was done $19 billion was raised from trade buyers in Latin America’s biggest transaction ever. Then, within a month, Russia had devalued the rouble and defaulted on its domestic debts.
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