The Brazilian economy is cushioned against any possible adverse impact of the global financial meltdown, President Luiz Inacio Lula da Silva has said.
During a meeting of the Social and Economic Development Council (CDES) on Thursday, Lula said the crisis was caused by "the financial system which dares to sell what it does not have", warning that "either the market changes or other crisis will come".
Lula said the worst moment of the crisis had passed, and expressed his hope that US president-elect Barack Obama will act quickly to fight its impacts.
The Brazilian president said he is confident in Obama's ability to deal with the economic recession.
He said Brazil's fiscal situation, its foreign exchange reserves, and the government's investment potential contribute to the country's current relatively good situation.
The president reaffirmed that his government did not see a market rescue package necessary and urged businessmen not to dismiss any employees and consumers not to worry about the crisis.
"If, out of fear, people stop buying houses and changing TV sets, then we will have a problem," he said.