Brazil demands greater role of poor economies in global financial bodies

Friday, 31 October 2008, 07:00 Hrs
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San Salvador:Brazil's President Luiz Inácio Lula da Silva has demanded greater presence of the poor economies in global financial institutions to resolve the current global market crisis.

The crisis and the prospect of recession could be contained only with international efforts, including the poor economies which are faced with an economic disaster brought about by the rich, the president Thursday told the Ibero-American summit here.

"We live at a moment of political decisions to redefine the role of the state to support the productive sectors and increase investments on education and professional training," the Brazilian leader told the delegates.

Calling upon the developing countries to "reject a process that excludes us at just the moment when emerging countries are seen as a hope”, he asked them to counter the crisis with more integration, more fair trade and less subsidies.

Spanish Prime Minister Jose Luis Rodriguez Zapatero also joined Lula to call for a "new financial world order" with stronger mechanisms for control and transparency.

Centre-left Zapatero ridiculed the "myth of deregulation" which, he said, places speculation over productive economy.

The Spanish premier demanded the International Monetary Fund (IMF)'s role be redefined to give emerging and developing countries a greater say.

This is necessary for the international financial institutions to "reflect the current geopolitical reality", he said.
Source: IANS
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