Anticipating what could be policy under a second government of President Dilma Rousseff, her Trade Minister Mauro Borges told Brazilian daily Folha do Sao Paulo that opening the country to more foreign trade would be a “disaster for Brazilian industry” and lead to the “mexicanization” of the economy, in reference to the light assembly factories known as “maquiladoras” that dominate Mexico’s non-oil exports.
Former Brazilian leader Lula da Silva said President Dilma Rousseff managed the latest political crisis in the cabinet ‘correctly’ and is proving she has the capacity to lead “in this and in all situations”.
Portugal has become the latest country to introduce austerity measures, after both Greece and Spain took similar steps to stabilize public finances in the face of massive debt.