The international financial crisis was in its worst moment, so it was no surprise stock markets all over the world were being affected, Brazilian Minister of Finance Guido Mantega said Friday.
Mantega made the remarks at a meeting with local businessmen, in response to the sharp drop in the index at the Sao Paulo Stock Exchange in the past few weeks.
But he said Brazil was less vulnerable compared to some other countries.
"Some countries are more vulnerable to the crisis, some are less, (and) we are among those less vulnerable," he said.
The vigor of the Brazilian economy was recognized not only by the government but also by the international media and rating agencies, Mantega insisted, citing Brazil's GDP growth in the year to July, which reached 6.1 percent despite the crisis.
The Brazilian economy is "one of the most solid" among the developing countries, he added.
Mantega did not hesitate to offer some light-hearted advice to those developed countries badly hit by the crisis, noting he has been having fun at meetings of the International Monetary Fund since the crisis began.
"I get there and say: developed countries must do their homework and follow the emerging countries," he said, referring to measures such as public budget adjustments and accumulation of foreign exchange reserves.
Source: Xinhua
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