Brazil Won’t Waste Oil Opportunity: Lula

Brazilian president Lula says Brazil will not overspend just because it has newfound oil wealth, as its responsibility has increased after the latest petroleum windfall. “We need investors,” Lula says at an Americas Society event in New York this week. He adds that he expects more than $2trn to be invested in the country by 2012, including $280bn on physical infrastructure. Lula also says Brazil’s strong domestic market will withstand external shocks, as it can divert exports from the US to destinations like China, and other LatAm nations.