Sunday 12 October 2008, San José, Costa
Rica
Nicaragua: God Is
Punishing U.S., President Says
Guatemala Forum Decries
FTA with US
Venezuela Border Ops to
Continue
Brazil: No Budget Cuts
For Infrastructure
Despite Financial Crisis
Peru Names New Prime
Minister After Cabinet's
Resignation
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Brazil: No Budget Cuts
For Infrastructure
Despite Financial Crisis
RIO DE JANEIRO -
Brazilian President Luiz
Inacio Lula da Silva
said Friday that the
country will not cut
budgets allocated for
infrastructure programs
despite the current
financial crisis.
Lula told a press
conference that Brazil
will stick to its plans
to spend hundreds of
billions of dollars on
infrastructure in the
coming years, on
projects including
hydroelectric dams,
highway improvement and
railways.
He claimed Brazil is
"well prepared" to deal
with the ongoing global
financial crisis.
"We have a solid economy
and consistent fiscal
policies. Meanwhile, we
have accumulated more
than 200 billion U.S.
dollars in foreign
reserves," he said.
He blamed lax lending
practices in major
economies for the
crisis, saying that it
is unreasonable for the
U.S. banks to lend as
much as 35 times what
people could pay.
He recommended that the
upper limit of loans
should come down to
eight, nine times at
most, of borrowers'
assets.
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