Is the Credit Crunch Crunching Brazil?

No need to report the tragic financial results of the past week. However, Brazilian President Luiz Inacio Lula da Silva urged consumers not to be afraid of the global credit crunch and maintain their buying habits because the domestic economy will keep growing. Lula said the Brazilian government is taking measures to shield Brazil from the credit crisis, adding the nation has a record $207 billion in international reserves and no longer owes dollars to creditors. This puts Brazil in a very favourable and resilient position in order to absorb the financial shocks that have been unfolding on global scale over the past year or so.