Sao Paulo - The Brazil government will not bailout large conglomerates that have lost money in foreign exchange operations, Finance Minister Guido Mantega said Monday.
These firms may have lost up to 20 billion dollars in the ongoing global financial crisis, he said, but added that this loss "is perfectly absorbable" by the companies, without help from the government.
Brasilia - Brazilian Finance Minister Guido Mantega said in no uncertain terms Monday that the current crisis in world markets is "perhaps the worst since 1929," as he announced new measures adopted by President Luiz Inacio Lula da Silva's government to increase access to loans for exporters.
"Brazil is not immune to the crisis, but this affects the countries with problems in their banks more, and countries like Brazil less," Mantega said.
Sao Paulo - The Brazil government will not bailout large conglomerates that have lost money in foreign exchange operations, Finance Minister Guido Mantega said Monday.
Brasilia - Brazilian Finance Minister Guido Mantega said in no uncertain terms Monday that the current crisis in world markets is "perhaps the worst since 1929," as he announced new measures adopted by President Luiz Inacio Lula da Silva's government to increase access to loans for exporters.
