Thursday, December 25, 2008

Brazilian president urges citizens to keep consumption

Special Report:Global Financial Crisis




RIO DE JANEIRO, Dec. 23 (Xinhua) -- Brazil's President Luiz Inacio Lula da Silva Monday advised Brazilians not to be afraid of the crisis, but consume with responsibility.

If you have debts, try to balance your budget first. But if you have some money or have just received your Christmas bonus, and you want to buy a fridge, and oven, or change your car, do not frustrate your dreams for fear of the future, Lula said.

Lula made his first statement about the global crisis on TV during a year-end speech, with analysis of the country's economy, measures to fight the crisis and the government's social programs.

The president blamed the rich countries' lack of control in the financial systems for the crisis, especially the United States and Europe.

Instead of fulfilling their role in the economy, financing the productive sector, the banks became a large casino. They played too much, but one day the bill came.

Banks broke, a large number of companies went through difficulties and millions of workers lost their homes or jobs, Lula said.

Lula assured that Brazilian economy would expand in 2009 though at a lower growth rate, and the country would not be affected by the crisis as much as the developed countries did.

He also said that the Growth Acceleration Program (PAC) projects, the government's largest social program, would not suffer any cut, and the exploration of the country's recently discovered pre-salt layer oil fields was due to start next year.

In the end Lula called for people's unity against the crisis.

If we row together, in the same direction, we will overcome the turbulence, he said.

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