Panicky Markets: US, Clean Your Own Mess, Warns Brazilian President

Brazilian president Luiz Inácio Lula da Silva At at time when stock exchanges and financial systems all over the world react badly to the economic package announced by the US President, George W. Bush, last week, the Brazilian President, Luiz Inácio Lula da Silva, says that he doesn't think that the present American crisis can affect Brazil's growth.

"I don't believe this will happen," stated Lula, "first because Brazil's investments have already been defined in 2007, and then the PAC (Growth Acceleration Program) money has already been committed, the large projects have already been signed up. I am convinced that we are going to remain on the right track."

Lula also stated that his government is attentive to the global economy and guaranteed there is still no reason for Brazilians to be worried about the international crisis.

"I am calm. Of course we all have to keep both eyes wide open to know what it is going to happen in the American economy and, consequently, in the world economy," added the president before a ceremony in which he swore in his new Minister of Mines and Energy, Edison Lobão.

Lula got together with Finance Minister, Guido Mantega, in the morning, this Monday, January 21, promising he would again talk to Mantega and to Central Bank President, Henrique Meirelles, before the end of the day.

"There's no need to worry, let's just keep and eye on the situation and if necessary we will take the measures required," he added.

Lula also said that the United States needs to assume responsibility to avoid that the crisis spread and end up affecting the whole world.

"It is not possible," Lula argued, "that people who do not own a house in the United States, people who didn't apply for any mortgage pay for the irresponsibility of some who decided to make money the easy way, as if they were placing their bets in a casino."

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