NPRA ’09: Brazil pays price for US financial crisis - consultant

29 March 2009 19:48  [Source: ICIS news]

SAN ANTONIO, Texas (ICIS news)--Brazil is paying a high price due to lack of regulation in the US economy, a Brazilian gas and energy consultant said on Sunday.

“Brazil is in it with the rest of the world and all eyes are now on the US,” the source said on the sidelines of the 2009 National Petrochemical & Refiners Association (NPRA) conference in San Antonio.

According to the consultant, the US must implement regulations which would prevent the excesses that triggered the ongoing financial crisis.

The consultant did not elaborate, but the comment echoed growing sentiment in Latin America that the developed world was to blame for the global recession.

Brazilian President Luiz Inacio Lula da Silva was reported as saying earlier this week that the developing world was paying for the mistakes of “white people with blue eyes.”

Lula had previously called the global financial crisis a “little wave” that would have minor impact on Brazil.

However, the country ended up engulfed with the rest of world in a crisis that tightened its credit, dampened consumer confidence and negatively impacted petrochemicals demand.

“Lula did what any president would do,” the consultant said. “You cannot just tell people things will only get worse,” he added.

When asked how soon the Brazilian economy would recover, the consultant said it would not happen until the US and the rest of the world were back on their feet.

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By: William Lemos
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