Fraga sees crisis in Argentina as "worrying"

BRAZIL - Central Bank chairman Arminio Fraga said on Friday that the crisis in neighboring Argentina is "extremely worrying". He compared Argentina to Brazil, stating the former has yet to restructure its state finances, which he said was carried out successfully in Brazil.

Fraga said Brazil is not immune to contagion from Argentina. "I do not believe that degree of separation. We export there and we are losing a market," he said, adding that Argentina is important as it is Brazil's leading pa