Brazil's President-Elect Says He Will Protect the Country's Fiscal and Budgetary Stability

Luiz Inácio Lula da Silva, the leftist president-elect of Brazil, says he will respect Brazil's financial commitments, keep inflation low, and protect the country's fiscal and budgetary stability. On Monday, Mr. da Silva attempted to calm financial markets that were worried about Brazil's future under a leftist president. Investors fear that a leftist government may roll back the current administration's free-market policies. Investors are also concerned that the da Silva government may not be able to continue repaying Brazil's $260 billion debt. Da Silva, the president-elect of Brazil, says his government will not fall short in repaying debts and has promised to return the largest economy in Latin America to a path of sustained progress. Venezuelan President Hugo Chávez says the victory of leftist Luiz Inácio Lula da Silva in the Brazilian presidential election indicates that a new 'good axis' is emerging in Latin America. Mr. Chávez, speaking on his weekly television program on Sunday, said some people claim we are forming an evil axis, while I must say we are forming a good axis, good for the people and good for the future. On the other hand, the United States has congratulated President-elect da Silva. Richard Boucher, a spokesperson for the U.S. State Department, said on Monday that Brazil is an important partner in the Western Hemisphere. He added that the U.S. is committed to maintaining its excellent relations with the government and people of Brazil. Romano Prodi, the President of the European Commission, also sent a congratulatory message to President-elect da Silva. 'Chris Patten,' the European Union Commissioner, and 'Jorge Sampaio,' the President of Portugal, also sent congratulatory messages to him.