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Brazil can 'out run' European crisis
11/11/2011
Brazil's finance minister Guido Mantega, has said that the country is in a strong enough position to "out run" the looming financial crisis caused by Europe's debt meltdown.
The minister told a media conference in Brasilia that the growth rate for 2012 would rise again from the slowing rate of 2011, despite the fact that the turmoil in Europe could see global credit evaporate and undermine the world's biggest economies, including the USA and China.
"We should be in a recovering phase now in order to reach 2012 with a growth rate higher than in 2011, even amid the worsening global crisis," Mantega told the reporters. "We are ready for that, keeping fiscal soundness ... the government has also made programs to stimulate the economy."
He did offer a word of advice to Italy, explaining that just 10 years ago Brazil had been in an equally dire financial situation. He urged finance officials in Europe's fourth-largest economy to make fiscal reforms soon to avoid the full force of the debt crisis.
Brazil has taken encouragement from a rebound in sales figures in September, but the country is readying for a slow down in demand for some of its natural exports, including soy and iron-ore.
The minister told a media conference in Brasilia that the growth rate for 2012 would rise again from the slowing rate of 2011, despite the fact that the turmoil in Europe could see global credit evaporate and undermine the world's biggest economies, including the USA and China.
"We should be in a recovering phase now in order to reach 2012 with a growth rate higher than in 2011, even amid the worsening global crisis," Mantega told the reporters. "We are ready for that, keeping fiscal soundness ... the government has also made programs to stimulate the economy."
He did offer a word of advice to Italy, explaining that just 10 years ago Brazil had been in an equally dire financial situation. He urged finance officials in Europe's fourth-largest economy to make fiscal reforms soon to avoid the full force of the debt crisis.
Brazil has taken encouragement from a rebound in sales figures in September, but the country is readying for a slow down in demand for some of its natural exports, including soy and iron-ore.
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