AP/ H.CHRONICLE
Brasil's ex-president Lula da Silva is warning Portugese pols NOT to take an IMF bail-out...even as Standard and Poor's downgraded Lisboa's debt...to just one notch above a junk rating.
Lula said: "The IMF won't resolve Portugal's problem, like it didn't solve Brasil's. Whenever the IMF tried to take care of countries' debts, it created more problems than solutions."
Lula has long criticized the IMF for espousing "orthodox and recessive concepts."
Meanwhile, outgoing PM Jose Socrates (pictured hugging Lula) insisted again that his government "is determined not to ask" for a bailout. "I'm sick of saying we won't."
UPDATE: Brasil President Dilma Rousseff is studying ways to help Portugal...either by buying its new debt offerings...or even by buying back some of the debt it currently owns.
Brasil escaped Portugal's control in 1822. Its economy is now almost 10 times larger than Portugal's.
http://www.guardian.co.uk/business/2011/mar/30/brazil-considers-helping-portugal
Popular Posts
- POLAND: Warsaw Lauds LOT Pilot Wrona For Safe Crash Landing.
- HONDURAS : 4 Nov. UPDATE: 176 Police Arrested For Corruption; Lobo Sacks His Top Cops...Sends Troops Into Sula, Tegucigalpa.
- SERBIA / LIBYA : Are Serbian Mercenary Pilots Bombing Protestors In Tripoli?
- ITALY / EUROZONE : New Greek Crisis Delays Berlusconi's Love Songs CD Release.
- PERU: Chaos Reigns In Lima's Streets With Unregulated Taxis And Ancient Buses.
- CHILE / CANADA : Court Suspends Barrick Gold Pascua Lama Mine Production.
- MEXICO : Zetas Founder/ Leader "Lucky" Hernandez Lechuga Captured In Veracruz.
- SERBIA / KOSOVO / EU : President Nikolic Talks Tough About Pristina.
- USA : 07 May UPDATE: Famous Fat Cat Meow...Dies On Diet.
- COLOMBIA: Corrupt Police Aided Bogota's Fake Torture Brothel.