Brazil rejected the idea of ??buying European bonds to help alleviate the debt crisis of the euro-zone. It certainly caused doubts about the European plan to involve developing countries, including Brazil and China, to provide funds to buy the euro-zone bonds.
Brazilian Finance Minister, Guido, calls for Europe to solve its debt problems and reinforce Brazil do not have any intention of buying bonds. “I believe the European countries do not have the funds to buy bonds from Brazil. Brazil also did not consider it,” Mantega said. “Europe must find a solution the problem.” Nevertheless, Brazil’s Mantega express willingness to channel financial assistance through the International Monetary Fund (IMF).
Some Brazilian officials have previously proposed a plan to buy European bonds along with members of the BRICs, which also includes Russia, China, India, and South Africa, but the low response from colleagues in the BRICs make Brazil must undo his plans. Investors are now waiting for the results of the European meeting for clues on how to leverage the capacity of European funds needed to fight EFSF debt crisis.
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