Brazilian Finance Minister Says Government Scandal Will Not Taint Economy

    Brazil’s Minister of Finance, Antonio Palocci, declared that there is no question in the government or the private sector regarding the ability of the Brazilian economy to resist the political crisis.

    The Minister made his remarks at a meeting with President Luiz Inácio Lula da Silva and business leaders.


    “Investments are up, industrial production is up and the country risk rating is down. What all this shows is that the economy knows that the problem is political and it will have to be resolved politically,” said the Minister.


    Palocci said the behavior of the economy was due to, among other things, an export “structure.”


    He went on to say that, “In the last 15 years things have changed. Before Brazil exported what was left over. Now exports are part of our economic structure. That has improved economic performance,” he explained.


    The president of the National Industrial Confederation, Armando Monteiro Neto, who attended the speech by Palocci, declared that the country’s economic basics were solid and would not be affected by the crisis.


    Agência Brasil

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