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The Seattle Times was yesterday full of praises for Brazil’s leading position as a major economy. Tyler Bridges talks about Saturday’s G-20 summit in Washington and how President Lula is trying to convince G7 countries leaders to give a bigger say to developing countries.  The idea is to create a permanent G14, including Brazil, Russia, China, Mexico and India. It goes on to justify Brazil’s larger ambitions:

With the world’s 10th-biggest economy, Brazil has surpassed the United States as the biggest producer of iron ore and coffee. It’s become the world’s biggest exporter of beef, poultry, biofuels and orange-juice concentrate, and is rapidly gaining in soybeans, corn and pork.

Brazil also has accumulated $200 billion in foreign reserves, almost as much as the rest of Latin America combined. That money will help cushion the global meltdown. Now, Brazil wants to be recognized for its fiscal track record and to avoid the risks that come with a global economic crisis.

“Brazil has new standing in the world,” said Rubens Barbosa, a private consultant in Brazil who’s served as the ambassador to the United States. “We think we can contribute more.” Quietly, Brazil already has become the most powerful country in Latin America.

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Brazil is perhaps one of the few countries in the world that hasn’t been talking about recession. The R word is not being mentioned in any of the large newspapers in the country. Moreover, Brazil’s economic team will unveil new credit measures for exporters suffering the consequences of the liquidity crunch. “For now, activity levels haven’t come down,” said Finance Minister Guido Mantega. “I believe there will be a slowdown in consumption and in activity level in Brazil. But we will not have a recession.” The main news agencies in Brazil have also reported that the series of measures the central bank has taken to minimize the impact of the crisis in the South American giant and to ease the liquidity crunch started by  investors not willing to take too much risks at the moment. This latest move is aimed at Brazilian exporters.

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