Brazil Property News: Lula blames rich countries for downturn




15th October 2008 06:00


Those considering Brazilian real estate could be interested to hear that President Luiz Inacio Lula da Silva says emerging countries should act together against the international financial crisis, it has been reported.

President Lula told the third meeting of the IBSA Summit it was "unacceptable" that developing nations should pay for the irresponsibility of others, according to Agencia Brasil.

Speaking in New Delhi, the Brazilian president warned they run the risk of being "victims" for a financial crisis caused by rich states.

"Our countries rebuilt their economies with great effort. As a result, living a phase of exceptional growth and macroeconomic balance. It is unacceptable that, we will pay for the irresponsibility of speculators who have transformed the world into a giant casino," he explained.

Meanwhile, those considering buying property in Brazil could also be interested to hear the nation's market is getting back on its feet after the global downturn as the Bovespa gained 15 per cent on Monday (October 13th), according to the Brazzil Magazine.


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