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Brazil's fiscal conditions "very favorable": official

12-08-2011 10:41 BJT

RIO DE JANEIRO, Dec. 7 (Xinhua) -- A Brazilian official said Wednesday with sound fiscal performance and solid public accounts, the country can withstand ramifications of the eurozone debt crisis.

"Brazil's fiscal conditions are very favorable and will help the country resist the eurozone crisis," Treasury Secretary Arno Augustin told reporters.

He added that the government will block any possible spending increase in 2012 that might be approved by the parliament, as part of its efforts to meet public savings targets next year.

Augustin cited the country's efforts to avert effects of the eurozone crisis, including inflation rate controlling and fiscal policy tightening, which he considers a weakness of European countries.

"We issued bonds, we had upgrades on the country's rating, granted by international credit rating agencies, and we strengthened the aspects which are still weak in other countries," he said.

While saying Brazil can maintain a tight fiscal policy and economic growth, the official also voiced concern over the crisis, which he said, is complex and may take a long time to get solved.

Editor:Zhang Hao |Source: Xinhua

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