Rudolph
10-15-2008, 07:00 AM
Brazil, SAfrica blame rich world for economic woes (http://news.yahoo.com/s/ap/20081015/ap_on_bi_ge/as_india_emerging_economies_summit;_ylt=AlBBKT6Ocb5uB4GiuEF91hG96Q8F)
By ASHOK SHARMA, Associated Press Writer
NEW DELHI - India, Brazil and South Africa on Wednesday asked rich countries to hear their voices on how to manage the unfolding global financial crisis without jeopardizing the development of emerging economies.
"We are the victims of a crisis generated by the rich countries," said Brazilian President Luiz Inacio Lula da Silva at the third summit of leaders of the three major emerging market countries.
President Kgalema Motlanthe of South Africa said the hope for future economic recovery potentially lay in developing countries "if we continue to prioritize both growth and redistribution of wealth to the poor."
Most emerging market stocks have fallen harder in Asia, Russia and Latin America in recent weeks than they have in the Untied States and Western Europe. A big reason for that, analysts say, is because foreign investors have lost their appetite for risk amid the global credit crunch and are yanking money out to meet liquidity needs at home.
On Wednesday, Indian Prime Minister Manmohan Singh said the world needed more than ever before a renewed effort to reform the institutions of international governance — whether the United Nations or Group of Eight.
Singh also stressed the need to conclude global trade talks "in a manner that promoted development and inclusive growth."
Both Silva and Motlanthe sharply criticized the developed countries as the world reeled under the current financial turmoil.
The South African president said the ill-conceived decisions of a few have brought the international financial system to the brink of collapse with dire consequences for many poor and vulnerable nations.
Silva said "it is unacceptable that a group of speculators would turn the world into a gigantic casino and tell us how we should run governments."
"We need to be heard in a collective way," he said.
The South African president asked both developed and developing countries to examine the central question of what really went wrong and where were the self-regulatory mechanisms "that we were told would obviate what has become an unmitigated disaster."
"As a developing world we must accept that one-sided solutions ascribed to us by the developed world must be approached with a great deal of caution. They are not always the panacea they are held out to be," he said.
The three nations agreed in 2003 to hold periodic meetings on how to promote the needs of emerging economies.
Two years ago, India, Brazil and South Africa agreed to explore ways to cooperate on peaceful uses for nuclear energy under the safeguards of the International Atomic Energy Agency.
On Wednesday, Singh urged South Africa and Brazil also to cooperate in dealing with the situation created by the increase in energy and food prices and the challenge of terrorism threatening developmental efforts.
By ASHOK SHARMA, Associated Press Writer
NEW DELHI - India, Brazil and South Africa on Wednesday asked rich countries to hear their voices on how to manage the unfolding global financial crisis without jeopardizing the development of emerging economies.
"We are the victims of a crisis generated by the rich countries," said Brazilian President Luiz Inacio Lula da Silva at the third summit of leaders of the three major emerging market countries.
President Kgalema Motlanthe of South Africa said the hope for future economic recovery potentially lay in developing countries "if we continue to prioritize both growth and redistribution of wealth to the poor."
Most emerging market stocks have fallen harder in Asia, Russia and Latin America in recent weeks than they have in the Untied States and Western Europe. A big reason for that, analysts say, is because foreign investors have lost their appetite for risk amid the global credit crunch and are yanking money out to meet liquidity needs at home.
On Wednesday, Indian Prime Minister Manmohan Singh said the world needed more than ever before a renewed effort to reform the institutions of international governance — whether the United Nations or Group of Eight.
Singh also stressed the need to conclude global trade talks "in a manner that promoted development and inclusive growth."
Both Silva and Motlanthe sharply criticized the developed countries as the world reeled under the current financial turmoil.
The South African president said the ill-conceived decisions of a few have brought the international financial system to the brink of collapse with dire consequences for many poor and vulnerable nations.
Silva said "it is unacceptable that a group of speculators would turn the world into a gigantic casino and tell us how we should run governments."
"We need to be heard in a collective way," he said.
The South African president asked both developed and developing countries to examine the central question of what really went wrong and where were the self-regulatory mechanisms "that we were told would obviate what has become an unmitigated disaster."
"As a developing world we must accept that one-sided solutions ascribed to us by the developed world must be approached with a great deal of caution. They are not always the panacea they are held out to be," he said.
The three nations agreed in 2003 to hold periodic meetings on how to promote the needs of emerging economies.
Two years ago, India, Brazil and South Africa agreed to explore ways to cooperate on peaceful uses for nuclear energy under the safeguards of the International Atomic Energy Agency.
On Wednesday, Singh urged South Africa and Brazil also to cooperate in dealing with the situation created by the increase in energy and food prices and the challenge of terrorism threatening developmental efforts.