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Brazil's President: Emerging nations in better shape in financial crisis
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13:21, April 20, 2009

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Some emerging nations are in better shape to emerge from the global financial crisis than developed ones, Brazil's President Luiz Inacio Lula da Silva said in an interview published on Sunday's edition of the La Nacion daily.

Lula named China, India, Brazil, South Africa and Argentina as being in good shape but he also said emerging nations are not going to escape the crisis unless developed countries do the same.

He said Brazil would import and export more once the crisis comes to an end. "Then we will be able to establish some balance in trade flows, which is currently the victim of credit shortage," Lula said. "Brazil is implementing anti-cyclical policies which allow the internal market to adjust to compensate for the reduction in exports."

Lula also said the Brazilian government will spend 300 billion U.S. dollars in investments and will build a million homes to fight the housing shortage and to create new jobs.

"Boosting living conditions will also allow us to cut back violence," he said.

Lula is set to meet President Cristina Fernandez of Argentina on Thursday in Buenos Aires, which he said would be an opportunity to "build consensus with Argentina".

He said Brazil and Argentina must join forces in this crisis, describing it as "an exceptional moment to take political decisions".

Source:Xinhua



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