Geoffrey Gottlieb, associate economist of Goldman, Sachs & Co. writes on the implications of the passing of the tax reform and the problems still ahead. In his emerging markets daily economic comment published today, Gottlieb writes that the problem is that an IMF program that is needed to prevent a substantial default to the official and private sector in 2005 is still weeks away. See http://www.dr1.com/news/2004/092704_gs.pdf