Financial instability in Brazil will continue to disrupt global financial markets unless it quickly implements credible economic and budgetary reforms, according to Chase Manhattan Corp.

U.S. banks and U.S. corporations have become increasingly dependent on the Brazilian market, Chase said, and a recession there could put a dent in overseas earnings at banks such as BankBoston Corp. and Citibank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.