CCTV.com - CNTV English - CCTV News

Brazil grants $16bln in new financing

08-03-2011 08:34 BJT

Watch Video

Play Video

Brazil has granted more than 16 billion US dollars in new financing and tax breaks to local factories struggling with an overvalued currency.

The long-awaited plan, known as "Bigger Brazil," seeks to address a potentially dangerous imbalance. Despite worries that the new measures could fuel inflation or erode the government's finances, Brazilian Finance Minister Guido Mantega said factories clearly needed urgent help, especially as the global economy slows again and faces new threats from the US and European debt crises.

Mantega also expressed concerns that developed nations were not giving out signs that the crisis will be over soon.

Guido Mantega, Brazilian Finance Minister, said, "This is a combination of measures aimed at strengthening Brazil's industry and providing conditions for it to compete in an extremely adverse atmosphere which we are going through at this time. Today the world is facing a crisis, and as everyone has observed, this crisis has been dragging for over two years and the developed countries are not giving out signs that they are solving their problems."

Brazil's Finance Minister Guido Mantega speaks speaks during the launching ceremony
of 'Plano Brasil Maior', a governmental plan to strengthen the country's industrial
sector at the Planalto palace in Brasilia, Brazil, Tuesday, Aug. 2, 2011. (AP
Photo/Eraldo Peres)

 

 

Editor:Zhang Jingya |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program