Início > Uncategorized > The Economist | Brazil’s development banks: A ripple begets a flood

The Economist | Brazil’s development banks: A ripple begets a flood

The Economist

Brazil’s development banks
A ripple begets a flood
A politically inspired surge in lending is weakening state-owned banks in Latin America’s biggest economy

SÃO PAULO

IN 2008 Luiz Inácio Lula da Silva, then Brazil’s president, boasted that by the time the “tsunami” unleashed by Lehman Brothers’ collapse hit his country’s shores it would dwindle to a “little ripple”. The stimulus programme he put in place helped to carry Brazil through the credit crunch relatively unscathed. But five years later public money is still pumping into its economy, with ever more negative consequences. Public debt is rising. State banks are taking more of the credit market. And the government is warping accounting standards in its attempts to disguise all this.

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