Sao Paulo - The Brazil government will not bailout large conglomerates that have lost money in foreign exchange operations, Finance Minister Guido Mantega said Monday.

These firms may have lost up to 20 billion dollars in the ongoing global financial crisis, he said, but added that this loss "is perfectly absorbable" by the companies, without help from the government.

There would be "no subsidy, no special concession" to companies that have lost money in foreign exchange operations, such as cellulose manufacturer Aracruz, food manufacturer Sadia or cement maker Votorantim, he clarified.

At a press conference in Sao Paulo, Mantega said some companies that were surprised by the depreciation of the Brazilian real in relation to the dollar are facing "a problem."

"I do not know its size. (The loss) can be of 10 billion dollars, 15 billion dollars or 20 billion dollars, but it is perfectly absorbable. Companies have money," he insisted.

Mantega said the government expects the affected firms to overcome their problems "in the coming days." (dpa)