Financial Times, 09/25/2008
By Chris Giles
Brazil’s economy has been transformed over the past five years. As recently as 2002, the economy was on the verge of bankruptcy and Brazil was forced to seek and receive emergency financing from the International Monetary Fund. The mark of the change is not that those loans have been paid off long ago, but that this summer the IMF gave Brazil an enthusiastic stamp of approval.
“Brazil is now in a significantly stronger position than in the past to withstand a deterioration in the external environment, as demonstrated by the limited impact that the global financial turmoil has had on Brazil,” the Fund’s executive board noted as it welcomed the upgrading of the country’s debt to investment grade.
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