Wednesday, April 7, 2010

High Interest Rates in Brazil: A Portrait of the Governing Party Ineptitude

This is the subject of my last OrdemLivre.org article (in Portuguese). Here's a translation of my accusatory main point:

The Lula da Silva administration in Brazil did nothing in two mandates to stimulate competition in the Brazilian banking sector and to modernize the archaic legal framework of the Brazilian financial system. ...

High interest rates in Brazil are not ... a technical problem, but a political problem, and the Lula da Silva administration lacks the courage, technical skills and intellectual honesty to face it.