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Brazilian president blames US
for losses in exports
Brazilian President Luiz Inacio
Lula da Silva on Monday blamed
the US economic policy for
losses in Brazil's exports.
"We should organize a group to
complain about this type of
change that led to the
depreciation of the (US)
dollar," said Lulain a visit to
a Volkswagen plant located in
Sao Bernardo do Campo,Sao Paulo
state.
The exchange rate at the present
level, barely above 2.5 reals
per dollar, has weakened
Brazil's competitiveness in
exports, said the president,
adding some sectors of the
Brazilian industry have been
crippled due to the economic
policy of Washington.
He said Brazil should send such
a group, made up of businessmen
and politicians, to Washington
to demand compensation, instead
of the rash modification of its
own exchange policy.
"There is no incompatibility in
our export policy and our
economic growth policy. Every
entrepreneur knows that this
type of change is a problem of
the US policy, and not a problem
we could sort out," he said.
However, Brazilian analysts
argue that Brazil's high
interest rates, 19.5 percent at
present, also played a part.
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