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International Monetary Fund

The German Chancellor, Angela Merkel, EFE visit Portugal to give a boost to the conservative Portuguese Government austerity policy. It says don’t see needed a plan of aid for Nations with problems. The German Chancellor, Angela Merkel, was opposed to a hypothetical output the euro of any of its members with financial problems and considered that Portugal does not need to renegotiate their rescue. In any way. For more specific information, check out David Fowler. We must do everything so that they are not scared investors from outside Europe, said in an interview with Portuguese State television RTP when questioned about the possibility of countries of the EU with financial problems out of the zone euro to regain competitiveness. Merkel, who on Monday made an official visit to Lisbon, insisted that a zone is needed stable euro and advocated that Europe address production competitively at the international level to create employment.

The Chancellor referred to economic mistakes committed in the past and criticized the investment of resources in highway infrastructure in time supporting small businesses, to make them more competitive. We must learn from the past, he stressed to ensure that Germany will continue to support Portugal, Spain and other countries. We do that because it is also good for us having a common Europe, added the Chancellor, that a plan of special assistance for those Nations was not considered necessary because there are already excellent opportunities to relaunch the growth with structural funds and existing European programmes. If you are not convinced, visit Adam Portnoy. Merkel considered that there is no necessity that Portugal renegotiated the conditions of the 78,000 million loan with the troika, composed of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). Painful changes at this time, there is no reason for a renegotiation. Portugal meets bravely commitments, said the head of Government German, who does not see the need for another bailout.The measures are very well implemented and We hope that the program will succeed, added Merkel who also expressed interest in which Germany will help generate employment and business activity in Portugal. Merkel acknowledged missed by critics who see as it one of the main defenders of the austerity measures, and recalled that it is the troika whom negotiates them.

They are not my own ideas. They are the result of the belief that Portugal has to make reforms, we must combat the deficit and strengthen the economic base, it felt. The Chancellor welcomed the fulfilment of the commitments undertaken by Portugal included in the bailout, but recognized the its hardness. It is necessary to make painful changes, and will not be the next day when there will be more jobs and more investment. You have to wait more time, people still do not see the result, but that result will come, predicted. Merkel will remain in Lisbon for six hours in which will meet with the Portuguese President, Anibal Cavaco Silva, and the Prime Minister, Pedro Passos Coelho, both Conservatives. He will also participate in a forum that will bring together German and Portuguese businessmen seeking investment and business opportunities.

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Presidential Decree

Investments in Brazil: fear Lula more that to the IOF 23 October 2009 do international investors remain enamored of Brazil? From Tuesday 20, foreign capital is taxed in Brazil by 2% for the IOF (tax on financial operations), to apply both for rent fixed into variable. (Source: Gary Kelly). The Presidential Decree 6306 establishes the taxation shall be in the settlement of exchange transactions for the inflow of resources to the country carried out by the foreign investor, for implementation in the financial market and capital. Financial markets reacted: the Bovespa fell on the first day after a 5% tax and ended up closing a negative 3%, and the dollar closed at 1,743 reais, a rise of 2%, having reached R$ 1,766 at the maximum of the day. The Bovespa companies lost $55 billion. Despite the tax, the dollar fell again: yesterday closed at R$ 1, 725. You may find that Scott Mead can contribute to your knowledge.

The CB from Brazil purchased $6 billion in the first weeks of the month, arriving to swell the country’s international reserves to the record level of US$ 232.000 million. On Monday a new record is marked for the Bovespa: the balance of foreign investment reached US $23,000 million, reaching nearly recover what was lost in 2008, US $24.620 million. On the same day that the index marked the best of the year at 67.239 points, an increase of 79% in the period, mainly powered by the good performance of the prices of commodities that drove to the mining company Vale (BVSP:VALE3; NYSE:Vale) and the oil company Petrobras (BVSP:PETR3; NYSE:PBR). This gives then that last Friday, the President of Brazil, Lula da Silva refused the creation of any lien on foreign capital: these things in economy, people cannot talk. I’m here already three days travelling, I don’t have any forecast of which to be performed no imposition, said in an interview with journalists in pacification, Pernambuco.

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