People and Business: Fraga saga at the Bank

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The Independent Online
EDDIE GEORGE, the Governor of the Bank of England, is about to spend a cozy day chatting to a banker who used to work for George Soros, the hedge fund guru who broke the pound.

I wonder whether Steady Eddie will broach the subject of sterling's exit from the ERM eight years ago with Arminio Fraga, who left his job as managing director of Soros Fund Management last month to become president of the Brazil central bank.

Mr Fraga is due to meet the Governor and private bank bosses on Friday as part of a three continent tour aimed at encouraging financiers to hold onto their recently devalued Brazilian holdings.

A Brazilian embassy official says somewhat mysteriously that Mr Fraga "will be confined to the Bank of England all day".

I wonder whether they will give him food and drink.