Posts Tagged ‘Brazil’

How Bad Is the Financial Crisis? Ask the Brazilians

October 6, 2008


“I don’t know what to say. I don’t know what’s happening… This is panic.”

These were the words of Zeina Latif, an economist for ING in Sao Paulo, in regards to today’s losses by the Bovespa index, Sao Paulo’s stock exchange. Trading had to be stopped twice over the course of the day — attempts to stop the bleeding as Bovespa traded down over 15% this morning. Add this to recent reports that foreign aid is likely to dry up as the bailout takes affect, and the outlook for the developing world isn’t looking to good as the global financial crisis continues. It’s a stark reminder of how while we suffer here in the U.S., the effects of our crisis are amplified around the world. 

Update: I found the above article translated to English. Thanks Reuters for still reporting on Latin America. 

[Brazil currency, stocks sink, halting trading twiceReuters]