Rousseff calls on rich countries for a ‘credible agreement’ to overcome EU crisis

Wednesday, October 19th 2011 - 06:44 UTC

Full article 3 comments

IBSA leaders held a summit in South Africa

Leaders from India, Brazil and South Africa on Tuesday urged the world's rich countries to contain their financial crises and prevent the global economy from slipping into a double dip recession.

Rousseff, attending her first IBSA (India, Brazil, South Africa) summit, also called for an end to currency protectionism and for strong commitments from the world's economic giants to control the debt crisis on the periphery of the Euro zone.

“We need a credible agreement from European countries to prevent the crisis from getting out of control. We cannot be held hostage of old fashioned visions or paradigms,” she said.

Roussef also reminded the IMF and IDB (Inter American Development Bank) should grant emerging economies more decision power. “They should give (emerging countries) a voting power to match its ascending weight at the world’s economy,” she observed.

At the occasion, Indian Prime Minister Manmohan Singh said financial turmoil in Europe, the United States and Japan was hurting developing countries. “Developing countries cannot remain untouched by the negative impact of these developments,” Singh said.

The summit is meant to boost trade between the Asian, African and South American giants, to come up with measures to counter piracy in the Indian and Atlantic oceans and strengthen negotiating positions on climate change.

Categories: Economy, Politics, Brazil, International.

Tags: Dilma Rousseff, IBSA, Manmohan Singh.

Top Comments

Disclaimer & comment rules

GeoffWard2
In order to call for a ‘credible agreement’ to overcome EU crisis, Dilma must have a clear idea of what such an agreement would look like.

I have heard exhortation, but also an absolute silence on her proposed mechanism.

She should be able to have a stab at it - she did an economics degree and a bit of a Masters and a bit of a PhD, as I understand it.

Lte's hope she is being more forthcoming in the corridors of power than she is with her various publics.
Oct 19th, 2011 - 07:48 pm 0
Fido Dido
Geoff, what she actually means is (she already mentioned it a couple times indirectly) stop the austerity measures that hurts the people in all classes while bailing out the banks that are BROKE and must fail, but also live within their means .
They, the zombie banks, gambled, lost, and thus should go. That is capitalism, nothing new. It's hard, but it's that simple. Now the loses are being “socialized”. That's why I typed a couple times here, socialism doesn't work for the people, only for the ultra rich who socialized their lost through their corrupt friends in the government who suppose to work for the people who elected them. But, oh wait, corporations also elected them with “donations/campaign money”. just fance words for buying the politicians and remind them, you owe me.
Oct 20th, 2011 - 03:28 am 0
GeoffWard2
Oh, I get it then, Fido.

She is suggesting that the EU should let the banks collapse, letting the economies collapse, creating societal collapse, which can then spread from the developed countries to the developing countries.

I never realised she was such an astute world leader!
Oct 20th, 2011 - 10:59 am 0

Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!