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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Condor who wrote (64132)	6/10/2010 10:36:59 PM
From: elmatador	Respond to of 217847

next test: Brazil Prepared For Deepening Of Euro Debt Crisis - Meirelles SAO PAULO (Dow Jones)--Brazil's central bank has the weapons to combat a deepening of the ongoing European debt crisis but is "hoping for the best," Henrique Meirelles, the bank's president, said Thursday. Speaking at an event in Sao Paulo, he highlighted Brazil's newfound capacity for counter-cyclical monetary and fiscal policy and the rapid economic recovery it helped to generate as evidence of the country's preparedness to face economic turmoil abroad. The fiscal woes of Greece and other European countries and the subsequent market volatility are key variables in current Brazilian monetary policy. Late Wednesday, the central bank raised Brazil's benchmark Selic interest rate by 75 basis points to 10.25% in the second of what is expected to be a series of increases this year as the bank seeks to control surging inflation. Meirelles said that Brazil "has emerged stronger from the [financial] crisis than when it entered" and that its prudent economic management during the crisis has given it "a more important voice in international organizations." As an example he cited the central bank's participation in the Financial Stability Board, the new regulatory body of the Group of 20 created at its meeting in London in April 2009. Nevertheless, he stressed that even greater participation for emerging markets in multilateral financial institutions remained Brazil's primary goal as it prepares for the G-20 summit in Toronto later this month. Brazil expressed disappointment after the G-20 meeting in Pittsburgh in November 2009. Although member countries agreed to increase emerging-market representation in the International Monetary Fund to 5% during that meeting, that was less than the 7% requested by the Brazilian government. -By Todd Martinez, Dow Jones Newswires; 55-11-3544-7072 begin_of_the_skype_highlighting 55-11-3544-7072 end_of_the_skype_highlighting; brazil@dowjones.com