Economy Minister Amado Boudou urged countries in the region to “seize the opportunity created as a result of the crisis affecting developed nations and implement their own solutions.”
During a breakfast that representatives from regional countries shared with the IMF’s Western Hemisphere Director Nicolás Eyzaguirre, Boudou urged his peers to face the crisis currently affecting more developed nations by implementing “their own solutions.”
“As the sustained inclusion-growth continues to raise, we have the chance to generate our own solutions to our problems, we can create institutionalism for our countries that allows us to make concrete political decisions in accordance to our reality,” he explained.
Boudou shared a breakfast in which his peers expressed the reality that every country lives as they face the crisis, and how they are planning on solving them.
During the meeting, which lasted over 90 minutes, Eyzaguirre considered that, despite the decrease in the value of commodities “the situation is different from the one that they faced after Lehman Brothers collapsed.”
Eyzaguirre predicted that commodity value would not drop as dramatically as it did back then. He also suggested that capitals “could once again aim at emerging markets, which are currently suffering the uncertainty created by the European debt crisis.”
Some countries like Mexico and Colombia expressed concern over the recently implemented IMF-sponsored measures of “fiscal consolidation” and seemed worried about the capital influx.
Brazil, however, replied with a harsh prognosis for reality, and seemingly aligned itself with Argentina’s stance regarding countries coming up with their own solutions.
“The political solution to the European and American crisis is complicated, because there’s a confidence problem,” the Brazilian official said.
“We developing countries have been watching this movie for more years and we need to face the situation,” he stated.
Source: Buenos Aires Herald