Brazil poised to weather credit storm, says finance minister
Brazil’s economy is riding out the global economic crisis with no ill-effects to date, a government minister insisted this week.
Following on from reporting growth figures of 5.4 per cent for 2007 announced last week, finance minister Guido Mantega said on Monday that Brazil’s finances are stable and its economy is more secure now than ever before.
In the past, Latin American economies have been among the first victims of global economic downturns, most recently and dramatically illustrated by the collapse of Argentina’s economy between 1999 and 2002.
However, Mr Mantega insisted: "We are on solid bases. We have reserves of $195 billion, and there is great trust in the Brazilian economy.
"All analysts are unanimous in saying that Brazil is a place where things are going well, where companies and banks are solid, so we are protected up to now."
This is the second time this month that Mr Mantega has emphasised Brazil’s resilience in the face of the credit crisis.
Earlier in March he said: "We are growing free of imbalances and, in fact, gradually reducing our dependence on the inflow of foreign exchange – that’s key."
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