"Brazil is neither Russia, nor Thailand," minister says
Sao Paulo, 17 - "Brazil is neither Russia nor Thailand," Finance Minister Pedro Malan
said this morning in a press conference. He also denied any information that Brazil is
to release an economic package in the following days. "Those who think the Russian
(financial) crisis is to repeat here are cheering against Brazil and aiming only at their
own political and electoral benefits," the minister affirmed.
During the interview, Malan also defended a higher level of cooperation among
different economic institutions, such as the International Monetary Fund (IMF) and
the World Bank, in order to face the growing challenges brought about by
globalization. "We are currently far behind the real needs imposed by the modern
transformations than we were in the past," he said.
He guaranteed that the Brazilian economic system is solid and is able to stave off any
risks of crisis in Brazil. "Brazil is not the next in line," he said. However, he explained
that the country will undergo a process of bank restructuring and, as result of that,
mergers are expected to occur in the next few months. "The system will have to go
through an inevitable overhauling process." (By Gustavo Freire) |
