PRESIDENT CARDOSO AND FINANCE MINISTER MALAN SPEAK ABOUT CRISIS.
President Fernando Henrique Cardoso (R) and his Finance Minister Pedro Malan face the media at Planalto Palace in Brasilia, January 13. Brazil plunged into economic crisis when it devalued its inflation-busting real currency by nearly eight percent and the president of the Central Bank announced his resignation. The move sent international markets into turmoil and buffeted the dollar as the world feared the world's eighth largest economy might be unable to prevent a Russia-style, full-blown devaluation that could hurt growth around the planet. Cardoso hurried back from a beach holiday to announce that the move was only a "technical modification.