Cardoso criticizes markets and calls for effective action by international agencies

20/08/2002 - 23h08

Montevidéu, 21 (Agência Brasil - ABr) - Yesterday president Fernando Henrique Cardoso made two speeches, in Uruguay, severely criticizing the financial market and the lack of precise action by international financial organizations. Cardoso said the International Monetary Fund and the World Bank should do more to assist countries victimized by greedy speculators.

Cardoso blamed markets for the crisis in developing nations, especially the crisis occurring in Brazil, Argentina, Paraguay and Uruguay. "The international situation causes concern. Rarely have markets behaved so openly against their own interests, ignoring economic fundamentals, creating false expectations," said the president. "Fortunately, this kind of madness in the world of business is usually shortlived." (AB)