The eyes of investment bankers in the U.S. -- and, indeed, throughout the world -- are focused on Brazil these days. Experts say its currency is overvalued by 20 percent, and if it collapses global financial markets would receive another blow.

The U.S. has a greater stake in Brazil than many Americans may realize:

• U.S. multinational companies make more money there than in any other emerging market -- with income from Brazil hitting $4.55 billion in 1997.

• Its economy is the world's ninth largest.

• A collapse of Brazil's currency would put pressure on other Latin American countries to devalue.

• Brazil holds $111 billion in loans from the world's banks -- with $210 billion invested in the rest of Latin America.

Source: Justin Fox, "A Prayer for Brazil," Fortune, November 9, 1998.