Posted on 10/15/2008 7:41:26 PM PDT by Tailgunner Joe
The leaders of India, Brazil and South Africa have criticized rich countries for failing to act quickly to prevent the global financial meltdown. At a summit in New Delhi, they urged Western nations to manage the crisis in a manner that will not hurt their developing economies. Anjana Pasricha has a report from the Indian capital.
After the leaders of India, South Africa and Brazil wrapped up a summit in New Delhi Wednesday, Brazilian President Luiz Inacio Lula da Silva expressed fears that developing countries will not escape if the West is hit by a deep recession triggered by the financial crisis.
The Brazilian leader says it is unfair that poorer nations will have to pay for the irresponsibility of financial speculators in rich countries.
He says the three countries will talk to friends in the U.S. and European Union to take steps so that the effects of the crisis do not reach "less developed countries which did not participate in this financial casino."
South African President Kgalema Motlanthe was equally scathing, saying the ill-conceived decisions of a few have brought the international financial system to the brink of collapse, with dire consequences for developing countries.
The three countries say the voice of emerging nations should be heard on how to manage the crisis.
In a summit declaration, the three countries called for a new international initiative to solve the problem. They say they want tighter financial regulation, and stronger systems of multinational consultations and surveillance.
The finance ministers and governors of Central banks of the three countries plan to meet to coordinate their response to the crisis.
The three countries say they will cooperate to protect their economies, which they say have enough financial reserves and positive trade balances.
Indian Prime Minister Manmohan Singh said the three countries will boost trade.
"The current crisis affecting the international economy has made it that much more important for us to explore one another's markets for mutually beneficial opportunities. It is our expectation that the target of $15 billion for trade by the year 2010 would be achieved. We have accordingly agreed to set a target for trilateral trade of $25 billion by 2015."
The three countries also called for revival of negotiations on world trade talks.
Wednesday's summit was the third between the three countries, which meet annually to boost cooperation and develop common positions on global issues such as world trade talks.
Aren’t they the rich countries in their respective regions?
Bush’s fault.
>> “We are the victims of a crisis generated by the rich countries,” said Brazilian President Luiz Inacio Lula da Silva
F-— you, communist POS. Rot and die.
I bet these three countries are RICH.....in debt.
Well then we ought to bring all our jobs and manufacturing back to US soil, then. Wouldn’t want to mess up their countries. Let the try to come up with a marketable idea and build a substantial industry around it. We won’t stand in their way.
So these mediocre countries want ANOTHER $700 billion from Uncle Sam?? They can go bankrupt and die for all I care.
And it's always the washed up, no talent, goin' no where ball players who b---- about the umpire's call.
These guys are idiots really! Blamign rich countries! Hah! They wish they were the US or the UK themselves (ourselves - because I am Indian)
But having said that, I don’t think India or Brazil risk bankruptcy or needs US fund outlays to recover in the medium term. I don’t know enough about South Africa. 50+ percent of India’s GDP is based on domestic consumption but then again I am sure this consumption is fuelled by overall economic development that finds its origin in trade with the “rich countries” that these leaders are trying to demonize. Let’s bring it down to about 45% as being fuelled by pure domestic consumption. In terms of exports, farm produce and food is still a very high component Brazillian and Indian exports, I am not sure that people will stop eating because of the recession. A large part of the exports will continue to stagnate if not grow. Have you seen the share prices of McDonalds? It isn’t doing quite as badly as shares in sectors other are.
>In terms of exports, farm produce and food is still a very high component Brazillian and Indian exports, I am not sure that people will stop eating because of the recession. A large part of the exports will continue to stagnate if not grow.
Right you are. Just because Asian stock markets have fluctuated/tilted towards a “recession” doesn’t mean so. Japan’s Yen originally rallied bravely against the US greenbacks in the first week after the absurd bail-out, but average Nikkei index is close to a washout.
South Africa just needs a little hug, and Brazil’s exports to North America are a minimal 8%. India can take care of it self, and blaming rich countries is just an excuse for their inferior lack of action. Long live capitalism!
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