Brazilian President Dilma Rousseff (right photo) has slammed the rich countries fiscal policies, accusing them of unleashing a ‘monetary tsunami’ that is cannibalizing the emerging economies.“Instead of using fiscal policies to invest in their own economies in order to avert the crisis, the rich nations have spilled USD 4.7 trillion in the world to make problems worse, thus putting emerging markets in jeopardy,” Rousseff said on Thursday, addressing a meeting with businessmen and workers in the capital, Brasilia.
She also said that “such measures as of yesterday when USD 1 trillion has been spilled into the markets are an inconsistent monetary policy from the point of view of their damaging effects.” - The Brazilian president has pledged to take strong measures to defend the country’s industry and local jobs against the ‘currency war.’
- Despite a new 6 percent tax on short- and medium-term foreign loans issued on Thursday, Brazil’s currency has strengthened to bid at USD 1.70 per dollar.
- Last year, Rousseff said that “political foolishness is threatening the entire world” when answering a question about the debt crisis in the US and the EU.
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