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In His Talks to Obama Brazil’s Lula Will Urge Global Credit Relief

Brazilian President Lula Talking to reporters before embarking for Washington, Brazilian President Luiz InΓ‘cio Lula da Silva said on Friday that counteracting the global credit crunch and preventing a wave of protectionism will be high on the agenda when he meets US President Barack Obama this Saturday, March 14.

The Brazilian leader said that he is hopeful about the Obama administration's ability to lead the United States out of the worst economic crisis since the Great Depression.

"The biggest problem right now is the absence of credit. Money has disappeared. So what I want to discuss with President Obama, in a frank way, is what to do to re-establish credit around the world," he said, without providing further details.

Lula who on Saturday will become the first Latin American leader to meet Obama at the White House, said the US was to blame for causing what he called the "biggest financial disaster we've ever seen."

But he stressed that he was confident that the United States would bounce back from the crisis if it moved swiftly to overhaul its financial system so that it serves society as a whole and not just a select group of Wall Street financiers.

"We have help to root the United States," Lula said. "I'm very optimistic about the possibility of the US finding a way out (of the crisis) soon."

Lula said he would urge Obama to push for a completion of the Doha Round of global trade talks and to resist the temptation to resort to protectionist measures.

"We need to discuss the Doha Round. We need to make it clear that protectionism can offer some short-term relief, but in the medium term, it can cause a disaster in the world economy," he said. "Brazil is against the return of protectionism."

As a major exporter of farm goods and natural resources such as iron ore, Brazil is a fierce advocate of tearing down trade barriers in rich nations as a means of generating prosperity in the developing world.

"I'm also very optimistic about the coming G20 summit in London next April 2," said the Brazilian president who expects to talk to the leaders of the world's main economies.

"In London I will be talking to (Chinese president) Hu Jintao and (India Prime Minister) Singh, and all this is possible because of the G-20 and that is why I'm optimistic and a strong believer in a way out."

Lula said that with Obama and at G-20 he will defend the idea that "protectionism can help momentarily but in the mid term is disastrous for the local economy and the world."

He also underlined that "rich countries must learn to look after their banks; they must have strong regulations so we can be sure that the financial system is linked and working for the production sector, the real economy."

Mercopress

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  • Show Comments (1)

  • ch.c.

    Lula da Silva said on Friday that counteracting the global credit crunch and preventing a wave of protectionism
    SURE…DEAD RIGHT !!!!
    – And what about the existing trade protectionism of Brazil with their tricky and filthy import substitution economic model ?
    Such as 100 % import tax on cars produced in America, Europe or elsewhere ?????
    Same for tractors and many other products…by the way !

    As said in another thread, developed nations should put their Brazilian ethanol import tax rate at…EXACTLY THE SAME TAX RATE….than the brazilian import tax rate on vehicles made in the developed nations.
    And even further reciprocated AND ADJUSTED…IF NOT ENOUGH !

    simple

    And concerning the credit crunch, there is no such thing in Brazil. Just re-read Robbing Hook own statements for the last 5 months !
    Why does he says differently…suddenly ? welll….cheaters and liars can only cheat and lie time and again. Proven….once more !
    Or does Robbing Hook has in his filty mind that developed nations should provide more credits to companies in emerging nations so that these companies could import…..MORE BRAZILIAN GOODS ? WELLLLL….JUST LEND TO THESE COMPANIES WITH YOUR OWN MONEY…AT YOUR OWN RISK ! More simple….there is not !

    πŸ˜‰ πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰

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