News 11-28-02 Lula Elected President of Brazil (World Press Review - Rapoza) Provides goals of the new President of Brazil, Luiz Inácio Lula da Silva. According to Lula, "My first year will focus on combating hunger." "The program, inspired by former U.S. President Franklin Delano Roosevelt’s food stamp initiative, is expected to cost roughly US$1.5 million. Funding will come from the federal budget, half of which has already been designated to combat hunger. An estimated 46 million Brazilians eat less than 2 square meals a day, according to a government survey. The program aims to provide an additional 76 reals monthly for 20 percent of the 46 million by the end of 2003, in a country where the minimum wage is 200 reals per month." "The markets will be watching to make sure Brazil doesn’t invest too much of its cash in projects that are unlikely to generate revenue and will increase the country’s US$288 billion public debt." "Lula has sought to reassure investors by saying the only way Brazil would be forced to default on its debt is if it were to continue on its present economic course, which he says relies on attracting investment dollars in high-yield government bonds rather than through investment in the productive economy." 11-28-02 USA Losing Credibility in South America (World Press) "Chile’s president, Ricardo Lagos, said, 'Since the 1980s, all of our countries have followed the "Washington Consensus." We reformed our economies and balanced them, opened our markets to increase competition, we recognized that an efficient private sector and expansion was the principal motor to economic progress.' But while Latin America realized notable efforts to modernize and participate in globalization, said Lagos, today’s social and economic balance is far from positive. 'With each passing day, frustration shows on the face of our people on the continent. These political and economic changes haven’t advanced the wellbeing of the masses, inequality continues to grow. This unhealthy economic and social state threatens the legitimacy of the democracies on the continent.' ”

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