 proposed merger with
Enron, leaving the Houston-based company burdened with debt and
the likelihood of insolvency. Some analysts said bankruptcy is
inevitable and may come as early as today. A bankruptcy filing by
Enron, which reported more than $61 billion in assets, would be
the biggest Chapter 11 reorganization in history.

     ``I've heard Intesa is the most exposed, to the tune of
between 400 billion and 500 billion lire ($183 million-$229
million),'' said Gianluca Ferrari, who helps manage 260 million
euros in stocks at Banca Valsabbina in Brescia.

     Gabrio Gelmi, an Intesa spokesman, confirmed Enron is a
client of the bank, though he declined to comment on the size of
its exposure. Luigi Ferrari, a spokesman at San Paolo-IMI SpA,
said the exposure of Italy's No. 3 bank was ``limited and under
control.'' He declined to give an amount.

                        Diversified

     Officials at UniCredito, Banca Nazionale del Lavoro and Banca
di Roma SpA were not immediately available for comment.

     ``It doesn't make sense to attribute the declines today
purely to the Enron exposure,'' said Luca Comi, head of research
at Eptasim. ``If it's just one company that's in trouble, banks
are sufficiently diversified that the impact is very limited.''

     Comi said San Paolo had told him Enron had borrowed 80
million euros as part of a 120 million-euro credit line. Of the
loan, 50 million euros is guaranteed by Enron assets, the analyst
said.

     San Paolo shares fell 1 percent to 12.41 euros.
     Other banks have higher exposure to Enron, such as 168
million euros for Intesa, Banca Nazionale del Lavoro's 142 million
euros and 122 million euros at UniCredito, investors said, citing
analysts' reports.


Argentine Analysts, Perez Companc Comment on TGS After Enron
2001-11-29 15:55 (New York)


     Buenos Aires, Nov. 29 (Bloomberg) -- Eugenia Benitez, an
energy analyst at Allaria Ledesma & Cia, Esteban Marx, an analyst
at Banco Comafi, Gustavo Neffa
proposed merger with 
 Enron, leaving the Houston - based ship's company burden with debt and 
 the likelihood of insolvency. Some analysts said bankruptcy is 
 inevitable and may come equally early as today. A bankruptcy filing by 
 Enron, which reported more than $ 61 billion in assets, would be 
 the big Chapter 11 reorganization in history. 

      '` I've heard Intesa is the most expose, to the tune of 
 between 400 billion and 500 billion lire ($ 183 million-$229 
 million)," said Gianluca Ferrari, who help oneself manage 260 million 
 euros in stock at Banca Valsabbina in Brescia. 

      Gabrio Gelmi, an Intesa spokesman, confirmed Enron is a 
 client of the depository financial institution, though he declined to comment on the size of 
 its vulnerability. Luigi Ferrari, a spokesman at San Paolo - IMI SpA, 
 said the exposure of Italy's No. 3 savings bank was '` limited and under 
 control." He declined to give an sum. 

                         Diversified 

      Officials at UniCredito, Banca Nazionale del Lavoro and Banca 
 di Roma SpA were not immediately available for comment. 

      '` It doesn't make common sense to attribute the declines today 
 purely to the Enron exposure," said Luca Comi, head of inquiry 
 at Eptasim. '` If it's merely one company that's in trouble, banks 
 are sufficiently diversified that the impact is very limited." 

      Comi said San Paolo had told him Enron had borrowed 80 
 million euro as region of a 120 million - euro credit occupation. Of the 
 loanword, 50 million euro is guaranteed by Enron assets, the analyst 
 said. 

      San Paolo shares fell 1 percent to 12.41 euros. 
      Other bank have higher exposure to Enron, such as 168 
 million euros for Intesa, Banca Nazionale del Lavoro's 142 million 
 euros and 122 million euros at UniCredito, investor said, citing 
 analysts' reports. 


 Argentine Analysts, Perez Companc Comment on TGS After Enron 
 2001 - 11 - 29 15:55 (New York) 


      Buenos Aires, Nov. 29 (Bloomberg) -- Eugenia Benitez, an 
 energy analyst at Allaria Ledesma & Cia, Esteban Marx, an analyst 
 at Banco Comafi, Gustavo Neffa
 prlposed merger with
Enron, ueaving the Houston-basxd compzny burddned with debt and
the likeliiood of ibsolvency. Some analystr said bajkruptcy is
iievitable and mab come as earlg as covay. A bankruptci filing by
Etron, which repmrgeb more than $61 billion in assets, would be
the nihgest Chapter 11 reoggwnizzniin in history.

     ``I've heard Ihtesa iv the most exlosed, to the tune of
betweej 400 blllion and 500 billioj lire ($183 miloion-$229
iullion),'' said Eianluca Ftrxari, who hemps manage 260 million
euros in stozks ac Banca Valwavbijd in Brescie.

     Dabrio Gelmi, an Inteva spokrsman, confirmec Eiron is a
client of the baik, though he declineq to commanc on the size of
its ezpisure. Luici Fderafi, z xpkkesmaj av San Paolo-JMI SpA,
said the exposure of Itslr'w No. 3 bank waa ``limieeq and under
control.'' He declined to give dn zmount.

                        Diversified

     Officiajs at UniCredito, Banca Nazionale del Lavoro and Bdnca
dm Fomc SpA dwrf not immediately available for comment.

     ``Ie dpexn't make sense to attribuye tng declines todxy
purely fo the Enron exposkre,'' saiq Lucq Comi, hewd og research
at Eptasim. ``If it's just one coipany that's in trouyle, banks
are sufgiciemtly diversified that tke impzct is very limited.''

     Comi said San Paplm had told him Enron had bjrrowed 80
mmlliou euros xs psrt of a 120 millioj-euro credit line. Of the
poan, 50 mhllion eurls is guaranteed by Enron assets, the analyst
ssig.

     San Pcolo smares fell 1 persent to 12.41 euros.
     Otker bavks have hpgher expmsure to Enwon, such as 168
mhplion euros hor Intesw, Babca Bazionaud del Lavoro's 142 million
elrjs abd 122 million euros et UvjCredito, investirs said, citing
anakysgs' weiorvs.


Argqttine Analysds, Pdrex Compxnc Comment un TBS After Enron
2001-11-29 15:55 (New Fork)


     Buenos Aires, Moy. 29 (Bloombgrg) -- Eugegia Benitez, am
energy analyst at Allacia Levesma & Ciw, Esteban Marx, an analyst
at Bahco Comafl, Gmstavo Neffa
proposed merger with Enron, leaving the Houston-based with and the of insolvency. Some and come as early today. A bankruptcy by Enron, which reported more than billion in assets, would be the biggest Chapter 11 reorganization in history. ``I've Intesa is the most exposed, to the tune of between 400 billion and billion ($183 million),'' Gianluca Ferrari, who helps manage 260 million euros in stocks at Banca Valsabbina in Brescia. Gabrio an Intesa spokesman, confirmed Enron is a client the bank, though he to comment on the size its Luigi Ferrari, spokesman San SpA, said the of Italy's No. 3 bank was ``limited and under control.'' He declined to give an amount. Diversified at UniCredito, del Lavoro Banca Roma were not immediately comment. ``It doesn't make sense to today purely to the Enron exposure,'' said Luca head of at Eptasim. ``If it's just one that's in trouble, banks are sufficiently diversified that impact is very limited.'' Comi said San Paolo had told him Enron had borrowed 80 as part of a million-euro credit line. the 50 euros guaranteed by assets, the analyst said. San Paolo shares fell 1 percent to euros. Other banks have higher exposure to Enron, such as euros Intesa, Banca Nazionale Lavoro's 142 million euros 122 euros at UniCredito, investors analysts' Argentine Comment TGS Enron 2001-11-29 15:55 (New Buenos Aires, Nov. 29 (Bloomberg) Eugenia Benitez, an energy Cia, Esteban Marx, an analyst at Banco Comafi, Neffa
 proposed merger with
Enron, leAving the HoUston-BasEd cOmPany BurdEned with debt anD
The lIkelihood of insolvency. SOme anAlYSts sAId BankrUptcy is
INeVITabLe AnD maY cOMe As earLy aS today. A Bankruptcy FilInG by
Enron, whicH RePorted more ThaN $61 billion in asSetS, would Be
The BIggesT ChApter 11 ReorgaNIzatioN in historY.

     ``I'VE heard iNtesa is THE mOst eXposed, to the tune of
BEtWEen 400 billion and 500 bIllion LiRE ($183 mILLioN-$229
miLlion),'' said GIaNluca fErrari, wHO hELPS maNAge 260 million
eurOs in stocks aT banCa ValsAbBinA In BresCia.

     GaBrIO GeLmi, an Intesa SpokEsman, confIrmed ENRon is a
cLIent of tHe bank, ThoUgh He deCLiNeD to CoMMenT On The SIze Of
its expOsUrE. LuigI FerRARI, A spoKesMan aT San PAolo-IMI SpA,
saiD thE expOSurE of ItAly's NO. 3 banK wAs ``limIted anD undeR
cOntrol.'' He declineD to gIve an amouNt.

                        DIvErsIfIed

     OfFIcials At UNiCRedito, BAnca NazIOnaLe DEL laVoro and Banca
di Roma spa WErE not immeDiatelY AvAiLAble for cOmMenT.

     ``It dOESn't maKe seNSe To attribUte the DEcLiNes todaY
pUrely tO tHe ENroN expoSUre,'' sAid LucA Comi, heaD of reSEarch
at Eptasim. ``iF it's just one coMPaNY ThAT's in TroUble, banks
arE sufFIcieNtly DIvErsIFied tHat thE iMPaCT is very limited.''

     Comi sAiD San PaOlo haD told him Enron Had borroweD 80
MILlion eurOs as PArT Of a 120 million-euro CrediT line. Of the
LOan, 50 milliOn eurOs is guarAnteed by ENROn assets, The AnaLysT
saID.

     saN Paolo shares fELL 1 perCeNt to 12.41 eurOs.
     OTher banKs hAve HigHer ExPosure to ENron, such As 168
MiLlIoN euRos foR intesa, BaNcA NaZiOnaLe del lAvoro's 142 MilliOn
euRoS aND 122 miLlion euROs AT uniCReDiTo, inVesToRs saiD, citINg
aNalysts' Reports.


ArGenTIne ANaLySts, PereZ Companc CommeNt On TGS After enRon
2001-11-29 15:55 (new YorK)


     bUenos AirEs, Nov. 29 (Bloomberg) -- Eugenia BeNItez, an
eNerGy anaLyst At Allaria ledEsma & CiA, EsTEban MaRx, an anAlyst
At banCO comafI, gUsTavO NEffa
 proposed merger with
Enro n, leaving  theHou sto n- base d co mpany burdened with  debt and
the likeliho od of  i n solv e nc y. So me anal y st s sai dba nkr up t cy  is
i nev itableand may co meas  early as to d ay . A bankru ptc y filing byEnr on, wh ic h r e porte d m ore t han $6 1  billi on in ass et s , woul d  be
the b ig gest  Chapter 11 reorg a ni z ation in histo ry.

  ` ` I 've  he ard Intesa  i s the most ex p os e d ,  to the tune of
b etween 400b ill ion an d500 billio n lir e( $18 3 million-$ 229million), '' sai d  Gianlu c a Ferra ri, wh o h elp s ma n ag e260  m i lli o neur o s i n stocks  a tBanca  Val s a b b inainBres cia.
     GabrioGel mi,a n I ntesa  spok esma n,  conf irmedEnron  i s a
client of t he b ank, thou ghhe  de cl inedt o comm ent  on  the si ze of
i t s e xp o s u re . Luigi Ferrari, a  s p o ke sman atSan Pa o lo -I M I SpA,
s ai d t he e x p osure  ofI ta ly's No.  3 ban k  w as  ``limi te d andun der 
co ntrol . '' H e decl ined togivea n amount.

                D iver sif ied

     O ffic i alsat U n iC red i to, B ancaNa z io n ale del Lavoro andBa nca
di  Roma  SpA were not  immediate l y availabl e fo r  c o mment.

     ` `It d oesn't mak e  sense t o att ribute t he declin e s  today
p ure lytothe E nr on exposure,' ' said  L uca Com i,head of  re sea rch 
at  E ptasim. ` `If it's  j us ton e c ompan y  that'sin  tr ou ble , ban k s
aresuffi cien tl yd ive rsified th a t  the  i mp actisve ry li mite d .'' 

    Comi said  Sa n  Pao lo  h ad told  him Enron ha dborrowed 8 0mil lion e u r os as pa rt of a 120 million-eur o  credit  li ne. O f th e
loan, 5 0 m illion  eu r os isguaran teedby  En r o n ass e t s,  th eanalyst
sa i d .
    Sa n Pa olo sha res fell 1 percent to12.41 euros.    Ot h e rban k sh ave  h i ghe r exposure to Enr on, such a s1 68 
million e u ros  f or Inte sa, Ban ca Na z ionaledel Lavor o's 142 m il lion e uro s and 122millioneuros atU niCre d it o, in ves tors s ai d,citin g
anal y sts ' rep orts.
Argent ine A na lysts, P erez Companc Comment on  TGS A fterEnr on
2001-1 1-2 9  15 :55 (NewYork )


     B uen osAires , N o v. 29  (Bl o om ber g ) --Euge n ia Benite z ,ane n er gy analysta t All ariaLed e sma &Cia,  Esteban Marx, an analyst
at Ban co C o m afi , G u stav oNeffa
 proposed_merger with
Enron,_leaving the Houston-based company_burdened with_debt_and
the likelihood_of_insolvency. Some analysts_said bankruptcy is
inevitable_and may come as_early as today._A_bankruptcy filing by
Enron, which reported more than $61 billion in assets, would be
the biggest_Chapter_11 reorganization_in_history.

_    ``I've_heard Intesa is the most_exposed, to_the tune of
between 400 billion and 500 billion_lire_($183 million-$229
million),'' said_Gianluca Ferrari, who helps manage 260 million
euros in stocks_at Banca Valsabbina in Brescia.

 _  _Gabrio_Gelmi,_an Intesa spokesman, confirmed_Enron is a
client of the bank,_though he declined to comment on_the size of
its exposure. Luigi Ferrari, a_spokesman at San Paolo-IMI SpA,
said the_exposure of Italy's No. 3_bank was_``limited and under
control.'' He declined_to give an_amount.

 _  _     _  _     __  _Diversified

__ _ Officials at_UniCredito,_Banca Nazionale_del_Lavoro and Banca
di Roma SpA were_not_immediately available for comment.

   _ ``It doesn't make_sense_to attribute the declines_today
purely to the Enron exposure,''_said Luca Comi, head of research
at_Eptasim. ``If_it's just_one company that's in trouble, banks
are sufficiently diversified that the impact_is very limited.''

   _ Comi said San_Paolo had_told_him Enron had_borrowed_80
million euros_as part of a 120 million-euro credit_line. Of_the
loan, 50 million euros is guaranteed_by Enron assets, the_analyst
said.

_    San Paolo_shares fell 1 percent to 12.41_euros.
    _Other_banks_have higher exposure to Enron,_such as 168
million euros for Intesa,_Banca Nazionale del_Lavoro's 142 million
euros and 122 million euros_at_UniCredito, investors said, citing
analysts' reports.


Argentine Analysts,_Perez_Companc Comment on TGS After Enron
2001-11-29_15:55_(New_York)


    _Buenos Aires, Nov. 29 (Bloomberg) --_Eugenia Benitez, an
energy analyst at Allaria Ledesma & Cia,_Esteban Marx, an_analyst
at Banco Comafi, Gustavo Neffa