Lula Wants a Bigger Role for Brazil in the World Bank and the IMF

Brazilian president Luiz Inácio Lula da Silva Brazil and its neighbors in the Mercosur are in a more solid position to face the global financial crisis that rich nations, said Brazilian President, Luiz Inácio Lula da Silva, who nevertheless called for  stronger trade links among South American group of nations.

"Mercosur countries are in a growth and jobs creation cycle," said Lula in his broadcast program "Breakfast with the President." "We know the global financial crisis is very serious, but we are in better conditions to address it than the rich nations."

Lula da Silva said that the strength of Mercosur is based on its domestic market and expansion capacity.

"My message is that to face the crisis we need more Mercosur, more exports, more trade among our member countries," insisted the Brazilian president in reference to the group made up of Argentina, Brazil, Paraguay, Uruguay, associate members Chile, Bolivia, Peru, and Venezuela which is in the process of full membership integration.

Ahead of the coming G-20 summit in Washington this weekend Lula said he expected a greater regulation framework for the global financial system to prevent a repeat of the current crisis or similar situations.

"We all know the international financial system needs some type of government control or regulation, a financial system can't turn into a casino. We want the financial system to invest in developing countries, in helping expand industry and farming," he emphasized.

President Lula who has become the spokesperson for South America and other developing nations has defended a greater participation of the emerging economies in the multilateral organizations such as the IMF and the World Bank.

However the French Finance minister Christine Lagarde in an interview with the Brazilian daily Valor Econômico from São Paulo said that the IMF was reformed in 2007, "following many years of negotiations," and therefore "we must work with what we already have in our hands."

Ms Lagarde also expressed reservations about re-launching the Doha round talks next weekend in Washington, "we already have too much to talk about."

Mercopress

Comments   

0 #6 Europe ??????ch.c. 2008-11-14 16:03
Europe was by far the biggest lender not only in Europe, in the USA, in Asia but also in Russia and all Eastern Countries !
And also in South America !

So far the European banks had to take 40 % of the ENTIRE U.S. real estate LOSSES and some but not all of their European real estate mess... ! Far more is to come !

What remains is WHATEVER LOSSES IS STILL TO ABSORBED IN :
- USA
- Europe
- Russia and eastern countries
- Asia
- South America

Whenever they said : the worst is over...it is too cool down the crowd !
Real Estate is still WAY TOO EXPENSIVE....EVERYWHERE, including in South America that just started to come down...a little bit.
For your information, in Moscow, real estate went up by a factor of 6....IN ONLY 5 years ! And believe it or not...still near the high !
Few people remember that from 1990 to 1995 the U.K. real estate PRICES went down by 35 %. We are not even half way...this time !

From my different sources the analysis is everyone is trying to REFLATE by reducing their interests rate. THUS FAR....WITHOUT SUCCESS !!!!
And basically banks say....why should we lend a high part of the mortgages...if the collateral (the real estate) is going down ?
And why shold we (the banks) lend as much as before to companies when the companies fundamentals go down ?

And to Joao :
Nooooo...I am not filthy rich...because I did not expect the mess to be such a mess !
But I am down only 10-13 % year to date ! Not bad at all...afterall !!!!!
I still enjoy life and I am not depressed, contrary to so many in the financial world..and the companies captains leaders overall !

someone said not later than yeaterday :" the crisis did not evolve overnight, it wont be solved overnight"
Who was this "clever" guy ? BUSH !!!!!! Smiles !

I would rather now buy U.S. Physical real estate than any real estate worldwide.
the U.S. real estate prices are certainly closer to a bottom than everywhere else !
Joao if you remember, In May or June I told you SELL ALL BRAZILIAN REAL ESTATE !
WELLLLL...let me repeat it today : SELL ALL BRAZILIAN REAL ESTATE, their prices barely came down and you already have your real estate companies under deep stress. FAR MORE IS TO COME.....in a country where mortgages rates are at 13-15 % and at 8-10 % OVER THE INFLATION RATE ! it cannot work.....long term ! Just think about it !!!!! Same for your Government interests rates which are then the base for the borrowing from your companies.
YOU JUST END UP SHOOTING GREAT....AUTO GOALS !!!!

And finally LOWERING 4 times in less than 2 months your banks minimum capital requirements....doesnt strengthen the fundamentals, it weakens them !
The only exit is a large currency devaluation than may come either rapidly or slowly !



:D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-)
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0 #5 Lloyd CataJoão da Silva 2008-11-14 14:08
Lloyd, I thought you became a martyr for the "Evil Empire". Good to hear from ya. How you doing?

Quote:
What now my friends? You should both be very rich beause I did tell you of these events last year, no?
Ch.c must be filthy rich and I am not. Of course you told us all about these events and Ch.c and I were the only ones who agreed with you. Remember it?

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Be assured that I look forward to meeting you in Brazil next year and the drinks are on you
Looking forward too. BUT....BUT..., the drinks are NOT on us. Lets send the bill to the Vatican (or do you prefer to send to Juan Carlos?)

Quote:
Please pay further attention to 'military' developments that I have predicted. (Beware the Euros!) The Empire is desperate now. They are not going to give you a seat at the table when their intention is to steal all that candy in your pockets.
Excellent predictions Dr.Cata. We have a new blogger by name DnBaiacú, who I am sure would love to interact with you on conspiracy issues.

I standby to receive further comments from your good self.BTW, who is behind all this mess?
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0 #4 Have to say, " I told you so..."Lloyd Cata 2008-11-14 12:42
What now my friends? You should both be very rich beause I did tell you of these events last year, no? Be assured that I look forward to meeting you in Brazil next year and the drinks are on you ;-)

Of course there are other developments I have addressed in this forum, so if you do your homework all the candy will be yours. At least enough for your pockets to burst, if not your bellies :D

Please pay further attention to 'military' developments that I have predicted. (Beware the Euros!) The Empire is desperate now. They are not going to give you a seat at the table when their intention is to steal all that candy in your pockets.
Viva MERCOSUR!
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0 #3 Argentina could easily sell the province of Patagonia and the proceeds from the sale could be added.It is my humble suggestion. ch.c. 2008-11-14 10:39
then be as humble...and suggest to Robin the Crook...that since Brazil needs far more than Argentina, HE should then sell the SP state.

Bad luck Joao because Robin the Crook will answer : "Noooo da Silva, the SP state has already been sold to his gang...and that is his problem.....of what else to sell....because the rest also already belongs to his gang"

Welll..... the alternative will be to put your additional quota at the IMF in Brl currency...and then allow once more HYPER INFLATION !!!!!

:D ;-)
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0 #2 João da Silva 2008-11-14 09:54
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And how much will add Argentina ??????
I don't want to butt into the internal affairs of the Republic of Argentina. BUT....BUT...., the could easily sell the province of Patagonia and the proceeds from the sale could be added.It is my humble suggestion.
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0 #1 Lula Wants a Bigger Role for Brazil in the World Bank and the IMF ch.c. 2008-11-14 08:07
Simple !
Therefore INCREASE YOUR IMF QUOTA !
Japan offered an additional Us$ 100 billion.
China and some OPEC members will also increase their quotas !
How much...BRAZIL ??????
Or is it ONLY the other countries , developed and emerging NATIONS, that have to put up additional money...AND NOT BRAZIL ??????

And how much will add Argentina ??????


:D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-) :D ;-)
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