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Cablegate: Global Economy: Financial Market Crisis - Sao Paulo Media

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O 011158Z DEC 08
FM AMCONSUL SAO PAULO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 8746
INFO RHEHNSC/NATIONAL SECURITY COUNCIL WASHDC IMMEDIATE
RUEHBR/AMEMBASSY BRASILIA PRIORITY 9900
RUEHRI/AMCONSUL RIO DE JANEIRO PRIORITY 8930
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UNCLAS SAO PAULO 000636

SIPDIS

STATE INR/R/MR; IIP/R/MR; WHA/PD

DEPT PASS USTR

USDOC 4322/MAC/OLAC/JAFEE
E.O. 12958: N/A
TAGS: KMDR OPRC OIIP ETRD XM XR BR
SUBJECT: Global Economy: Financial market crisis - Sao Paulo Media
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Title - The crisis and its long-term corollaries

Article in business-oriented Valor Economico (12-01) states: "From a
short-term perspective, the crisis has been solved. The corrective
measures are being adopted.... What one can affirm, without and
great risk, is that capitalism will never be the same. Among the
probable changes we will see is strict regulation of the financial
sector....controlling the abuse of executives who made fortunes
through high salaries and participation in the profits.... Rules
should be created to avoid that and with justifiable measures
intended to correct the economic crisis that resulted in gains for
the owners and controllers of poorly-managed financial
institutions.... What happens to underdeveloped countries in Latin
America? .... They should go beyond the simple institutional reforms
proposed by the recently-launched Extended Washington Consensus,
with the state taking the lead of long-term economic strategies
aimed at eliminating economic backwardness as fast as possible."
White

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