Word: brazil
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...economists were always right, all we would need is to hire 10 Nobel Prize (winners) and let them run the country," he said in a recent interview. Lula has also pointedly declared his intention to reject IMF demands on inflation targets if he believes those hamper the growth of Brazil's economy...
...reason for the Workers' Party (PT) candidate's commanding lead is simple: The state of the economy. It may be Latin America's largest economy (and the world's tenth-largest) but Brazil goes to the polls amid financial turbulence caused by the ripple effects of the Argentinean meltdown. Last month, the credit rating agency Moody's dropped Brazil's foreign currency bonds to five levels below investment grade, making it even more difficult for the government to borrow money and putting additional pressure on Brazil's foreign currency reserves. This despite the fact that many of the fundamentals remain...
...candidate had, in fact, called for such a default in his early years on the campaign trail in the late 1980s, but since then has, like many erstwhile socialists from the developing world, accepted the basic ground rules of the international financial system. Still, investor anxiety has sent Brazil's currency, the Real, into its sharpest decline since it was allowed to float freely against the dollar...
...economic autarchy is not an option for the export-driven economic powerhouse. The recent $30 billion stand-by credit approved by the IMF on September 6 - the largest ever granted to any country - is scheduled to be released in stages, the bulk of it delivered in 2003 only if Brazil complies with the "relevant criteria" established by the Fund. And that's a strong inducement for Lula to not stray too far from the IMF's program...
...Investors' concerns about the candidate's economic maturity and ability to rein in Brazil's tendency to over-borrow and overspend appear to ignore the fact that the country's erratic economic performance over the last few years has occurred on the watch of certified free-marketeers. Ideological suspicion rather than the hard reality of policies appears to be guiding decision-making in the world's financial centers in the weeks prior to the vote. Lula's supporters point to his party's successes in turning the southern state of Rio Grande do Sul, which it has ruled...