Brazil's Lula Urges 'Global Solutions'

[struggle4progress]

Source: Washington Post Foreign Service

G-20 Session Stresses Developing Nations' Role in Solving Crisis
By Joshua Partlow
Sunday, November 9, 2008; Page A22

SAO PAULO, Brazil, Nov. 8 -- Brazilian President Luiz Inácio Lula da Silva told international finance ministers Saturday that developing countries must be given a greater role in finding solutions to the world's financial crisis.

"This is a global crisis and demands global solutions," Lula said in opening remarks at a meeting of the Group of 20, an organization of major industrialized and developing nations. "The crisis started in advanced economies. It is a result of the blind belief in the market's self-regulation capacity and, by and large, of the lack of control of the activities of financial agents" ...

Brazilian Finance Minister Guido Mantega said Saturday that his country refused to be "mere coffee drinkers" on the sidelines of the richer nations' meetings.

Many developing countries want to restructure organizations such as the International Monetary Fund and the World Bank to give the nations more of a voice in decision making, said Jenilee Guebert, a senior researcher with the G20 Research Group at the University of Toronto ...

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/11/08/AR2008110801329.html?hpid=topnews

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Brazil's Lula calls for new architecture of global financial system
www.chinaview.cn 2008-11-09 12:43:21

SAO PAULO, Nov. 8 (Xinhua) -- ... No country is safe from financial crises, said Lula, adding that each and every country should assume responsibility for their actions and keep from transferring risks to other countries ...

The Group of Seven (G-7) alone, which is composed of the seven major industrial countries -- the United States, Japan, Britain, Germany, France, Italy and Canada, will not be able to resolve the world's problems, and we need a new, more participative governance, Lula said ... http://news.xinhuanet.com/english/2008-11/09/content_10330040.htm



Brazil demands sweeping global financial overhaul
The Associated Press
Published: November 8, 2008

... Those who have the least stand to lose the most from a credit crunch that has slammed businesses from Brazil to China, President Luiz Inacio Lula da Silva told finance ministers and central bank presidents from the world's 20 major economies, who gathered in Sao Paulo ahead of a Nov. 15 summit in Washington.

Officials from the Group of 20 nations must "formulate proposals for a substantial change of the world's financial architecture," Silva said. "This system collapsed like a house of cards that dragged down with it the dogmatic faith in the principles of nonintervention by the state in the economy."

In closed-door talks, leaders also discussed ways for nations to boost government spending to counter a global slowdown that could lead trade to contract next year for the first time since 1982, said World Bank President Robert Zoellick ... http://www.iht.com/articles/ap/2008/11/08/business/LT-Meltdown-G20.php

[ensho]

1. Lula is right - hope Obama talks with him

nt

[Billy Burnett]

2. Uh oh. Lula is a friend of Fidel and Hugo.

Not going to look good to the anti Cuba lobby.

[ensho]

3. compared to how the rest of the world feels, the S.Fl. Cubans are

a small angry dot on the map