Brazilian President Rousseff has accused rich countries have triggered a "tsunami" money by lowering the cost of credit to cope with the global economic crisis, which penalizes countries in developing such as Brazil.
"We are concerned that monetary tsunami (as cause) developed countries," said Rousseff Thursday in a speech to business leaders and trade union leaders.
The Brazilian head of state expressed concern that rich countries respond to the crisis by lowering the cost of credit and keeping interest rates low. She said that these cheap capital from getting into Brazil, whose currency is strong and high interest rates.
Brazil believes that this "currency war" adds its products while reducing the price of those from Europe or the United States.
The leader said she would fight to defend the Brazilian industry and it would ensure that the methods used by rich countries "will not cannibalize emerging markets".
Brazil has been trying for several years to stem the appreciation of its currency, the real, which has already increased by over 8% against the dollar since the beginning of the year.
"Brazil will not remain impassive in the face this currency war, we must defend ourselves," was hammered earlier told reporters the Brazilian Finance Minister Guido Mantega.
"We are concerned that monetary tsunami (as cause) developed countries," said Rousseff Thursday in a speech to business leaders and trade union leaders.
The Brazilian head of state expressed concern that rich countries respond to the crisis by lowering the cost of credit and keeping interest rates low. She said that these cheap capital from getting into Brazil, whose currency is strong and high interest rates.
Brazil believes that this "currency war" adds its products while reducing the price of those from Europe or the United States.
The leader said she would fight to defend the Brazilian industry and it would ensure that the methods used by rich countries "will not cannibalize emerging markets".
Brazil has been trying for several years to stem the appreciation of its currency, the real, which has already increased by over 8% against the dollar since the beginning of the year.
"Brazil will not remain impassive in the face this currency war, we must defend ourselves," was hammered earlier told reporters the Brazilian Finance Minister Guido Mantega.
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