MercoPress. South Atlantic News Agency

Rousseff in no hurry to name the cabinet; Lula promises “stable economy”

President elect Dilma Rousseff

Brazil's President-elect Dilma Rousseff said on Wednesday she is in no hurry to name a cabinet before taking office on January 1. Her mentor President Lula da Silva promised to leave a “stable economic situation”.

Rousseff, a former chief of staff under outgoing President Lula da Silva, was elected with an overwhelming majority in Sunday's presidential election and has already named a market-friendly transition team early this week to prepare for government but will take several days off to rest from a long campaign.

Meanwhile, President Lula da Silva said that the flaming president-elect “alone would decide who will be in her government”, as speculation grew in the local media about the formation of her cabinet.

The current president also said he would take any measures necessary to prevent the country's currency from becoming overvalued, and indicated that he would go to the G20 meeting of heads of state in Korea next week ready “to fight” amid a currency war between China and the United States. He did not specify what measures would be taken to fight a jump in the value of Brazil's currency, the real, since June.

Brazil's currency has gained substantially this year against the US dollar and is trading at close to a two-year high.

Lula da Silva said his administration would do whatever is necessary for President-elect Dilma Rousseff to inherit a stable economic situation, but ruled out any unpopular measures before his term ends on December 31 after Folha de Sao Paulo newspaper came to spread the idea of Lula leading the country into big cuts and austerity measures