One thing that you forget to mention is the fact that brazil recently deregulated the telecommunications industry. It used to be that a tel co could just operate in a state (of which i think brazil has about 17) as of a couple of months ago this is changed and brazil is wide open. look for consolidation. If you like brazil plays check out viv (cell phone c0- reports in a few days- a cheap adr at around 7 dolla'
Brasil Telecom a Steal Below $35 [View article]