Tuesday, October 18, 2011

Brazil’s Rousseff asks for ‘credible’ compromise to tackle EU debt crisis

Brazil’s Rousseff asked today for a “credible comprise” to overcome EU debt crisis. Leaders from India, Brazil and South Africa urged the world's rich countries today to contain their financial crises and prevent the global economy from slipping into a double dip recession.Brazil’s Rousseff asked today for a “credible comprise” to overcome EU debt crisis. Leaders from India, Brazil and South Africa urged the world's rich countries today to contain their financial crises and prevent the global economy from slipping into a double dip recession.

Rousseff, attending her first IBSA 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 (International Monetary Fund) 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, come up with measures to counter piracy in the Indian and Atlantic oceans and strengthen negotiating positions on climate change.