Lula Says the Only Thing Wrong With Brazil Is High Rates
- Central bank raised Selic rate last week, pledges more hikes
- President left hospital Sunday after emergency brain surgery
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Brazil’s interest rates are too high, and responsibility for the growing fiscal problems lies with policymakers at the central bank, President Luiz Inacio Lula da Silva said Sunday night in a TV interview.
“The only thing wrong with this country is the current interest rate, which is above 12%,” Lula said in an interview with Fantastico. “There’s no explanation, inflation is totally under control. The irresponsibility lies with those who raise the interest rates, not the federal government.”