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It´s Devilish to Say that There is Lack of Confidence in Brazil, Says Lula

06/06/2014 - 09h13

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FELIPE BÄCHTOLD
FROM PORTO ALEGRE

Former president Luiz Inácio Lula da Silva compared inflation in today´s Brazil with a "38 degree temperature".

He said it was "devilish" to say that there is lack of investor confidence in Brazil.

The statement was made this Thursday 5 at a talk in Porto Alegre, part of an event promoted by a magazine.

Lula said that president Dilma Roussef promised to keep inflation under control. He added that it tends to end up hurting the working class the most.

"For the first time in ten years, inflation is within our target. It is a bit high. It´s as if we had not a 37 degree temperature but 38 and had to take medication to prevent it from getting to 39 or 40. If, not we would have to take more drastic action."

Then Lula reminded the audience of the nineties, when inflation used to reach 80% per month. He said that those responsible for managing the economy in those days now criticize today´s government.

CREDIBILITY

During his talk, Lula also criticized analysts and politicians that think Brazil has less market credibility. No names were mentioned.

"[They say:] Brazil isn´t attracting foreign investment. Brazil has lost market credibility. On what basis can someone say something so devilish against Brazil?
For the past three years we have ranked fourth or fifth in attracting direct investment."

During his talk, Lula also recommended that Dilma and her minister Guida Mantega travel more to attract foreign investment.

"For goodness sake, let´s go to the City of London and say good things about Brazil."

Translated by MILLI LEGRAIN

Read the article in the original language

Jorge Araújo/Folhapress
During his talk, Lula criticized analysts and politicians that think Brazil has less market credibility
During his talk, Lula criticized analysts and politicians that think Brazil has less market credibility

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