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President Dilma Rousseff is blasting the ECB, USA and Japan for the 'tsunami' of cheap money that 'cannibalizes' emerging nations...after the ECB unleashed its latest round of $713 /E530 bn 'free money' loans...to 800 banks...with 3 year loans...at 1% interest.
Brasil's cbank is battling to keep its Real above the 1.70 per usd level.
The Real has increased by 8% so far in 2012.
Rousseff blames the rich nations for the invasion of cheap 'hot money' looking for higher returns...keeping Brasilia's currency highly overvalued...and making its exports costly.
She has extended a 6% tax on foreign loans...and more radical steps are reportedly being studied.
Bloomberg reports that direct foreign investments there rose from $49bn in 2010 to $67bn last year.
