The World Cup soccer championships (FIFA 2002) didn?t cause financial problems only for Globo. Although DirecTV bought exclusive rights for the whole of Latin America except Brazil, it will have to write off 75 million US dollars on this year?s balance sheet because of the event. This loss is due directly to devaluation of the Argentine peso and the crisis there, now spreading to Uruguay and the rest of Mercosur, where DirecTV Latin America is a major operator. The operating loss booked for the region in the second quarter was 148m USD, compared with 87m USD a year earlier. EBITDA was negative (minus 99m USD, compared with minus 35m USD in Q2 2001).