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View Diary: [UPDATE - MORE PHOTOS] 200,000 Rise Up in Brazil - "The People Have Awakened" (333 comments)

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  •  Venezuela, Brazil and Argentina have all been (3+ / 0-)
    Recommended by:
    AoT, marsanges, Quicklund

    working very closely together to bring about regional economic independence.  They jointly formed their own development bank for South America to flip off the IMF.

    But the 2008 depression hit all of South America hard, and even their combined resources weren't enough.  Venezuela had enough oil income that it did not need to go to the IMF for money.  Argentina and Brazil did not have those resources. They did what they had to do to keep going.

    •  Yes, and this is how Neoliberalism (1+ / 0-)
      Recommended by:
      Ray Pensador

      functions. It's inevitable that countries will be forced to borrow at some point due to the nature of the system. I'm sure Brazil has built most of the World Cup and Olympic infrastructure on borrowed money. That comes with strings attached.

      If debt were a moral issue then, lacking morals, corporations could never be in debt.

      by AoT on Tue Jun 18, 2013 at 11:53:33 AM PDT

      [ Parent ]

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