Langbar International

esrimeur - since you seem to have done some research, any idea why the money is held in Brazil anyway? If it originates from the sale of contracts in Argentina? Or from Israeli pensioners? And why was it locked up in a term deposit until 2009? Who did this and why? Anyway, dollars are dollars even in Brazil and must in 2009 be worth their face value surely? Although not immediately as you point out. A discount yes, but not a vast one I would have thought. In the worst case (if the money can't be cleared in Europe) they could simply spend the money on mining assets in Brazil. Many FTSE mining companies have major assets in dodgy places. Pearson himself was earlier quoted as saying 'we may have to buy a gold mine, which is fine'. Obviously he can do that but now he seems to think he will have access to the money in Europe so it won't be necessary.