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Montevideo, November 16th 2018 - 01:15 UTC

Lula da Silva: only way out for the crisis is growth and jobs, not balanced budgets

Thursday, October 20th 2011 - 07:00 UTC
Full article 3 comments
The former Brazilian president reiterated that the current situation was the making of the “blondes with green eyes”  The former Brazilian president reiterated that the current situation was the making of the “blondes with green eyes”

Former Brazilian president Lula da Silva recommended European Union leaders to stop discussing balancing budgets and recapitalization of banks and find a solution to the current crisis through more economic growth, more trade and more jobs.

Addressing a Socialist forum in Madrid, Lula da Silva told the Spanish Socialist presidential candidate Alfredo Perez Rubalcaba and other Social democrat leaders that the only way out of the crisis is to ensure the welfare state with public money because there’s no option of private investments.

“There’s only one way out: economic growth, more trade less protectionism because that generates jobs, income and more development” argued the former president.

Europe should stop talking about “balanced budgets and recapitalization of banks” which are the main issues of the agenda of the coming EU summit on October 23 with the purpose of addressing the sovereign debts of member-countries.

“Everybody wants to recapitalize banks but nobody wants to recapitalize those with mortgages who lost their homes or lost their jobs”, said Lula da Silva.

For the Brazilian leader it’s unacceptable that an economy such as that of Greece is putting at risk the whole EU and that the rescue package now is dearer than when it was launched two years ago.

To address the EU crisis all countries must assume the commitment of helping because otherwise the collapse will drain the rest of the economies.

“Europe is a democratic heritage of humanity and must be preserved”, he insisted.

Further on Lula da Silva called on the G20 to implement the measures agreed back in 2008 to strengthen and give stability to the world economy.

He then said that multilateral organizations must abide and execute G20 decisions and argued that the IMF has given evidence of its lack of capacity to help Europe or the US which proves they were not created to solve rich countries problems.

The Brazilian former president again repeated his diagnosis of the situation he delivered to former UK PM Gordon Brown when he visited Brazil in March 2009.

“This crisis is not black, Indian or Latin American; on the contrary it was generated by the blonde green-eyed who command the global financial system”.

Looking at Europe and its problems, Lula da Silva affirmed that Brazil and Latin America are currently living one of their best moments in decades.

 

Categories: Economy, Brazil, International.

Top Comments

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  • GeoffWard2

    For a man who knows NOTHING about housekeeping, this is rich.

    He says keep building new rooms on your house at a time when you have no money.

    Brasil is just learning to live on credit; the developed world understands acutely the problems this brings.
    Lula would be advised to heed the lessons of the developed world; the more credit Brasil and SA engage, the more they risk the same problems.

    Try learning, not preaching.

    Oct 20th, 2011 - 12:02 pm 0
  • Fido Dido

    ach Geoff idiot darwinist, spare yourself the time of typing BS. This man did more than what you have accomplished in your lifetime, but only a buffoon (yes you) won't admit that, because you can't. It doesn't fit with your ideology.

    “the developed world understands acutely the problems this brings.”

    Here you go again with your stupidity and arrogance. The so called developed world isn't capable of fixing the problem because they work for the criminals who created the problem. Again..only a buffoon (yes you again) doesn't know/understand that.

    There is noting wrong with using credits, but it's the instruments that were made so complex by the banksters to trade them, created this mess.

    Try to learning and not preaching yourself. Look in the mirror how ugly you are to face reality of your stupidity. Oh wait, you can't. You're to dumb to do that.

    Oct 20th, 2011 - 03:30 pm 0
  • GeoffWard2

    Fido,
    do explain what you mean by Darwinist.
    I spent some happy years learning about then teaching Darwinism, and I think you may be using the term in an unusual sense.
    Perhaps you are confusing Darwinism with Social Darwinism or Neoliberalism. Maybe it means something in the language of 'Banksterism' or perhaps you are just having a 'dialectical moment'.

    Any way, it feels good to have an ´ology´ even if it is an ideology.
    Do you have an ideology too?

    I´m glad you have learned the word Buffoon.
    I knew if I used it often enough when talking about Lula, you would learn its meaning.

    Again, ´nothing wrong with credit´ but it helps if you have the ability to pay both the principal AND the interest.
    So many people here (and elsewhere) have never been taught about the word 'compound'. I guess you know the significance of this word!

    Oct 20th, 2011 - 06:45 pm 0
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