Identifier
Created
Classification
Origin
09SAOPAULO213
2009-04-07 18:29:00
UNCLASSIFIED
Consulate Sao Paulo
Cable title:
Media Reaction Sao Paulo- After the frenzy, Obama
how-toVZCZCXYZ0000 OO RUEHWEB DE RUEHSO #0213 0971829 ZNR UUUUU ZZH O 071829Z APR 09 FM AMCONSUL SAO PAULO TO RUEHC/SECSTATE WASHDC IMMEDIATE 9098 INFO RHEHNSC/NATIONAL SECURITY COUNCIL WASHDC IMMEDIATE RUEHBR/AMEMBASSY BRASILIA PRIORITY 0245 RUEHRI/AMCONSUL RIO DE JANEIRO PRIORITY 9103
UNCLAS SAO PAULO 000213
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 XM XR XF BR
SUBJECT: Media Reaction Sao Paulo- After the frenzy, Obama
accelerates History, Exorbitant privileges 04-07-2009
Media Reaction: Global Economy: G-20 summit readout; financial
market crisis; Sao Paulo
April 7, 2009
Title- After the frenzy
Editorial in liberal Folha de S. Paulo (4-7) states: "One of the
most difficult tasks that the group of the 20 major economies of the
planet has committed to is the fight against so called tax
havens....The first way to try to reach the proposed goal is through
political coercion....It is necessary....to formulate a regulation
able to shed light over the myriad of innovative transactions
created in the last decades....The White House plan, sent to the
U.S. Congress, foresees obligatory recording of funds, disclosure of
information on levels of indebtedness ....and adequate measures to
require guarantees in financial operations, for instance. Those are
basic rules, to which major banks are subject to. Nevertheless,
they were ignored in the stages of the [pre-crisis] financial
frenzy."
Title- Obama accelerates History
Main editorial in center-right O Estado de S. Paulo (4-7) says:"The
time of international relations has accelerated....[and] the reasons
for that are evident. The first is the radical change in the U.S.
attitude adopted by President Barack Obama and accentuated by the
financial crisis made in the U.S. It changed the conventional
patterns of the unsustainable U.S. hegemony and intensified the
effects of the new power configuration in the world, which resulted
with the ascension of major emerging economies, beginning with China
and Brazil. The other reason for the acceleration of the pace of
international policy also relates to the crisis. The economic
retraction warned governments of major countries of the imperative
of opening new multilateral initiatives in an environment more prone
to understanding them [in comparison] to old divergences."
Title- Exorbitant privileges
Op-ed in business oriented Valor Econtmico (4-7) by FGV [the
Gertulio Vargas Foundation] professor and director and former Sao
Paulo State Finance Secretary Yoshiaki Nakano notes: "The truth in
facts is that the current financial crisis had as its causes the
excessive expansion of credit and liquidity in the U.S., a country
that issues the currency of the international reserve, and with this
its disorganized international payment system....The G20 summit has
a very important historical meaning, because is the acknowledgment
of China and other nation's emerging and for now on, international
economic issues will have to be addressed by a larger group....[But]
even with the financial crisis and excesses that the Fed and
Treasury are being obliged to make, the dollar will continue to
reign."
WHITE
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 XM XR XF BR
SUBJECT: Media Reaction Sao Paulo- After the frenzy, Obama
accelerates History, Exorbitant privileges 04-07-2009
Media Reaction: Global Economy: G-20 summit readout; financial
market crisis; Sao Paulo
April 7, 2009
Title- After the frenzy
Editorial in liberal Folha de S. Paulo (4-7) states: "One of the
most difficult tasks that the group of the 20 major economies of the
planet has committed to is the fight against so called tax
havens....The first way to try to reach the proposed goal is through
political coercion....It is necessary....to formulate a regulation
able to shed light over the myriad of innovative transactions
created in the last decades....The White House plan, sent to the
U.S. Congress, foresees obligatory recording of funds, disclosure of
information on levels of indebtedness ....and adequate measures to
require guarantees in financial operations, for instance. Those are
basic rules, to which major banks are subject to. Nevertheless,
they were ignored in the stages of the [pre-crisis] financial
frenzy."
Title- Obama accelerates History
Main editorial in center-right O Estado de S. Paulo (4-7) says:"The
time of international relations has accelerated....[and] the reasons
for that are evident. The first is the radical change in the U.S.
attitude adopted by President Barack Obama and accentuated by the
financial crisis made in the U.S. It changed the conventional
patterns of the unsustainable U.S. hegemony and intensified the
effects of the new power configuration in the world, which resulted
with the ascension of major emerging economies, beginning with China
and Brazil. The other reason for the acceleration of the pace of
international policy also relates to the crisis. The economic
retraction warned governments of major countries of the imperative
of opening new multilateral initiatives in an environment more prone
to understanding them [in comparison] to old divergences."
Title- Exorbitant privileges
Op-ed in business oriented Valor Econtmico (4-7) by FGV [the
Gertulio Vargas Foundation] professor and director and former Sao
Paulo State Finance Secretary Yoshiaki Nakano notes: "The truth in
facts is that the current financial crisis had as its causes the
excessive expansion of credit and liquidity in the U.S., a country
that issues the currency of the international reserve, and with this
its disorganized international payment system....The G20 summit has
a very important historical meaning, because is the acknowledgment
of China and other nation's emerging and for now on, international
economic issues will have to be addressed by a larger group....[But]
even with the financial crisis and excesses that the Fed and
Treasury are being obliged to make, the dollar will continue to
reign."
WHITE