Brazilian Financial Situation Worsens ����Nearly US$1 billion is flowing out of Brazil's economy and the drastically fluctuating stock market forced the head of the country's central bank, Gustavo Franco, to resign Wednesday. ����The resignation of Franco was also caused by all social circles' demand to change the current high interest policy and the debt disturbance between the federal and local governments. ����The index of Sao Paulo stock market dropped 7.63 percent Tuesday, while the price of some major Brazilian bonds issued overseas dropped 6.19 percent. ����The Brazilian central bank announced its decision to devalue its currency by 8.27 percent. ����The stock markets in other Latin American countries also kept falling, which was affected by Brazil. ���� ���� Economicnews 1999-01-14 Page7 Full Story in Chinese