Only Pact with Devil Explains Brazilian Progress, Says Brazil’s Vice-President

Brazil’s Vice-President, José Alencar, declared that “the interest rate structure in Brazil is an absurdity, since no country pays the interest rates that Brazil pays. It is at least ten times more than the average in 40 countries around the world.”

According to the Vice-President, the only explanation for the positive results achieved by the industrial sector and other areas of the Brazilian economy, despite the high interest rates, is a supernatural force.

“The sole impression one has is that we signed a pact with the devil, because these interest rates are erroneous.”

In Alencar’s opinion, “this subjects Brazilian firms that must rely on internally generated funds to unequal treatment.” For the vice-president, these firms “are doomed to failure. For many years we have been growing at an average rate of 2.5%, and this is little for Brazil.”

Alencar emphasized that Brazil “is a nation that possesses superior conditions for development, in terms of both natural and human resources. Therefore, we require an interest rate structure that gives Brazilian firms greater leverage, as is the case in other countries.”

The Vice-President participated in the 2005 Knowledge Medal awards ceremony, at which ten personalities from the spheres of business and technology were honored.

The Medal was created by the Brazilian Ministry of Development, Industry, and Foreign Trade, with the support of the National Confederation of Industry (CNI) and the Brazilian Small Business Support Service (Sebrae).

At its most recent meeting the Central Bank’s Monetary Policy Committee (Copom) decided to maintain the government’s annualized benchmark interest rate (Selic) at 19.75%.

Agência Brasil


You May Also Like

Brazil Asks WTO for Sanctions Against US Subsidies

The Brazilian government sent a request, yesterday, July 5, to the World Trade Organization ...

At the Guapuruvu site you buy a shirt and get a tree

Making Business Sense Out of Planting Trees in Brazil

Guapuruvu is the name of a gigantic tree originated in Brazil. It grows fast ...

Brazilian President Touts Oil Discoveries as Brazil’s Second Independence

The president of Brazil, Luiz Inácio Lula da Silva, says that while his government ...

NYT Journalist Convicted in Brazil of Offending Brazilians, Ordered to Pay Compensation

American journalist Joe Sharkey, one of the occupants of the Legacy executive jet that ...

An outdoor restaurant in the Brazilian interior

That’s How the US Likes Brazil: Docile and Underdeveloped

Brazil’s presidential election passed with very little notice here in the United States, where ...

Brazil Boosts Formal Domestic Work Allowing Tax Deduction

In comments about the provisional measure (Medida Provisória, MP) that establishes incentives for the ...

Arabs Seek Trade Agreements with Minas Gerais, Brazil

The president of the Arab Brazilian Chamber of Commerce (CCAB), Antonio Sarkis Jr., and ...

Brazil’s Lula Vows Elections Won’t Change His Economic Policy

In a speech in the city of Campinas, interior of São Paulo state, president ...

Argentina’s Default Might Lower Brazil’s GDP by Half a Point

Argentina’s debt problems threatens to worsen trade tensions in Mercosur, adding to the economic ...

Presidents Kirchner, Chavez and Lula

Brazil, Venezuela and Neighbors Create Development Bank

The Finance and Economy ministers from Argentina, Brazil, Bolivia, Ecuador, Paraguay and Venezuela decided ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]