Snow visits Brazil for economic summit

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In Brazil to promote free enterprise policies, US Secretary of the Treasury John Snow Tuesday called the South American nation a shining example of strong economic performance. On Monday, Mr. Snow said that Brazils economy seemed to be taking events in stride and appeared to be positioned for further growth. He cited Brazils decision not to take further loans from the International Monetary Fund and their early repayment of past loans from the IMF as signs of the strength of its economy. He also praised Brazils reduction of its deficit, its building of surpluses, growing exports, limiting of inflation, and the relative strength of its currency and equities markets in the face of political uncertainties. Mr. Snow declined to comment on Brazils interest rates, which have been raised to 19.75 percent in order to keep inflation under control except to say that he found the rate puzzling. Mr. Snow met with Brazilian President Luiz Inacio Lula da Silva and Finance Minister Antonio Palocci in Brasilia on Monday to show US government support for Lulas government in the face of the current pay-for-votes scandal.