"If the banks choose the new money option, we'll have to start all over again."
The bank did not choose to respond to that comment.
A number of analysts said they were surprised the central bank chose not to ease policy.
A third option allowed banks to choose to make new loans equal to 25 percent of their current exposure.
The impact on Venezuela will not be clear until the banks choose among the options.
The major question confronting market participants is: when will the central bank choose to make its move?
Because each bank can choose among the options, it is not clear how much Brazil's debt will be reduced.
In practice, however, banks often choose not to impose the $50 liability.
The bank, however, has chosen the smallest of five possible building sites downtown.
Why do banks choose to take on a capital structure that makes them vulnerable to financial crises?
