Até que eu apoio isso. A hora é boa pra criticar os grandes… Ele já tinha feito isso na ONU.
By Bibhudatta Pradhan
Oct. 15 (Bloomberg) — Brazilian President Luiz Inacio Lula da Silva said emerging markets have become victims of a global financial crisis that has been caused by rich nations.
“It’s unacceptable that we will pay for the irresponsibility of speculators that transformed the world into a gigantic casino and at the same time they give us lessons on how we should govern our countries,” Lula said in New Delhi today. “We are the victims of a financial crisis generated by the rich countries.”
Lula spoke at a summit of leaders from Brazil, India and South Africa that concluded in New Delhi today.
A shortage of credit, which worsened after the collapse of Lehman Brothers Holdings Inc. last month, is dragging down a global economy already hit by a record surge in oil prices this year. The International Monetary Fund last week forecast that global growth will slow to 3 percent in 2009, from 3.9 percent this year and 5 percent in 2007. That would mean a world recession under the fund’s informal definition.
The so-called IBSA grouping, which brings together the three emerging economies from Asia, Africa and Latin America, is aimed at promoting cooperation in various sectors, including energy, agriculture and trade. They have unitedly fought for the rights of developing nations at World Trade Organization talks and have advocated reform of the United Nations.
“The explosion of new financial instruments, unaccompanied by credible and systemic regulation, has resulted among others in a major crisis of confidence for which those responsible should be held accountable and liable,” the three countries said in a joint summit declaration.
The three countries called for a new international initiative to bring about changes in the world’s financial system.
“The reform must be undertaken so as to incorporate stronger systems of multinational consultations and surveillance as an integral part,” they said.
The three want to serve as growth poles for each other and focus on their role in the evolving global financial architecture.
Indian Prime Minister Manmohan Singh, South African President Kgalema Motlanthe and Brazil’s Lula attended the summit meeting that focused on the global financial crisis, fuel prices and food security.
The three countries decided to convene a meeting of their finance ministers and central bank governors to “establish a coordinating mechanism” to deal with the financial crisis.
India’s Prime Minister Singh earlier called for the reform of global institutions such as the United Nations and the Group of Eight, apart from being heard on financial reform.
“Our voice on how to manage this crisis in a way that does not jeopardize our developmental priorities needs to be heard in international councils,” Singh said.
Lula said the U.S. and the European Union must take “immediate steps so that the effects of the crisis should not reach less developed countries.”
South Africa’s Motlanthe called for the need to improve the governance of financial institutions.
The IBSA countries aim to achieve a trade target of $15 billion by 2010 from the current level of $10 billion.
Last Updated: October 15, 2008 10:52 EDT