Crisis can be resolved by decisions at G-20: US, Brazil

Following a meeting with his US counterpart Barack Obama, the Brazilian president Luiz Inacio Lula' Da Silva said the two leaders are convinced that the current economic crisis could be resolved by political decisions to be taken during the London G-20 summit in April.

The current economic crisis was discussed prominently when the two leaders met for the first time at White House on Sunday.
    
"President Obama and myself are truly convinced that the economic crisis can be resolved by political decisions that could be made on the G20 meeting," Lula told reporters after the meeting.
   
"We need to restore credibility, vis-à-vis society as a financial system. We need to restore credibility and trust of the people, vis-à-vis the governments, and for that we need to make credit flowing and pouring in all countries; and also to facilitate trade flow amongst different countries," he said.
    
"We will work together to build a proposal for the G-20 meeting. I believe that is extremely important. But all the leaders that will participate in the G-20 meeting should be convinced that we have to make more quicker decisions," he
argued.

Lula said as leaders of top 20 economies of the world meet in London on April 2, they cannot afford to go into such a meeting just to discuss whom they should put the blame on.

"We have to sit in the roundtable and find a resolution to the crisis.  We all know that we have to restore credit supply policies in the world. We have to have a special credit supply for the poorest countries and the developed countries," he said.
    
There is also need to strengthen international institutions like the IMF and the World Bank, he said.
    
Lula said the world leaders are coming together at the meeting to take decisions. "We are in a large ship and water is leaking. Now is the time to fix the leaking and make the economy go back to the tracks," he said.
    
There are two key words to this, he argued, reestablish and restore credit in the world, and restore trust and confidence amongst the people. "And then from there on we'll make the decisions. We can have some divergence at some time, but that belongs -- it's proper to democracy," he said.
    
Lula said he is confident that this crisis -– also an extraordinary opportunity – would prove that leaders of the world are capable to cope with major issues.

"Every country has to go back and start investing in infrastructure, in housing projects, in education, in health care," he said.