Brazil 'should withstand global economic problems'
The Brazilian president has insisted that the country's economy is strong enough to withstand the current global economic turmoil.
Luiz Inacio Lula da Silva described the current crisis as one of the biggest problems the worldwide economy has ever experienced, reports Xinhua.
However, he said the South American nation has developed a highly robust and resilient economy in recent years, which means it should not be negatively affected by external problems.
Furthermore, he stated that the Brazilian financial system has not been involved in the subprime market.
President Lula commented: "10 or 15 years ago, if the US. sneezed, Venezuela and Brazil would have pneumonia because our countries were fragile, but it has not been the case now."
He added that the current crisis has come about as a result of poor management of the US financial system.
The comments come shortly after Mercopress quoted him as saying that the discovery of oil fields in the Santos basin is likely to lead to Brazil becoming more independent.
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