jesuitsdidit
07-03-2009, 05:29 PM
"Will the rich countries just keep injecting money to save the banks or will a country be brave enough to... nationalize the banks, recuperate them and make the credit come back?" he said during a seminar on development in Brasilia.
http://news.xinhuanet.com/english/2009-03/06/content_10954603.htm
Brazil's president defends nationalization of banks to fight financial crisis
www.chinaview.cn 2009-03-06
Special Report: Global Financial Crisis
RIO DE JANEIRO, March 5 (Xinhua) -- Countries directly suffering from the international financial crisis should nationalize their ailing banks, Brazilian President Luiz Inacio Lula da Silva said on Thursday.
"Will the rich countries just keep injecting money to save the banks or will a country be brave enough to... nationalize the banks, recuperate them and make the credit come back?" he said during a seminar on development in Brasilia.
In his speech, the president defended a more active presence of the State in the economy, saying today, the State is not a burden, but an inductor of the countries' growth.
Lula also criticized the international financial market, which he said has led the directions of the world's economies in the past few years, and caused the problems today.
He said it is unfair for poor countries and developing economies to suffer the international financial crisis, adding that the crisis put an end to over two decades of mistakes made "in the name of the market gods."
The recent protectionist measures taken by some countries may drag the world into a crisis worse than the one after the World War II.
Lula reiterated that Brazil is ready to face the economic turmoil, and that the crisis will not be solved by cutting public budget, but by in creasing investments.
"We will defeat this crisis with investments, daring and courage," Lula said.
http://news.xinhuanet.com/english/2009-03/06/content_10954603.htm
Brazil's president defends nationalization of banks to fight financial crisis
www.chinaview.cn 2009-03-06
Special Report: Global Financial Crisis
RIO DE JANEIRO, March 5 (Xinhua) -- Countries directly suffering from the international financial crisis should nationalize their ailing banks, Brazilian President Luiz Inacio Lula da Silva said on Thursday.
"Will the rich countries just keep injecting money to save the banks or will a country be brave enough to... nationalize the banks, recuperate them and make the credit come back?" he said during a seminar on development in Brasilia.
In his speech, the president defended a more active presence of the State in the economy, saying today, the State is not a burden, but an inductor of the countries' growth.
Lula also criticized the international financial market, which he said has led the directions of the world's economies in the past few years, and caused the problems today.
He said it is unfair for poor countries and developing economies to suffer the international financial crisis, adding that the crisis put an end to over two decades of mistakes made "in the name of the market gods."
The recent protectionist measures taken by some countries may drag the world into a crisis worse than the one after the World War II.
Lula reiterated that Brazil is ready to face the economic turmoil, and that the crisis will not be solved by cutting public budget, but by in creasing investments.
"We will defeat this crisis with investments, daring and courage," Lula said.