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By Mangosuthu Buthelezi
Memories of a long brotherhood tempered in common struggle
Independent voices from the The Washington Times Communities
Topic - Guido Mantega
Global financial ministers called Saturday for quick and effective action to safeguard faltering economic growth and rebuild shaken confidence as they ended an annual meeting of the International Monetary Fund.
Stocks turned higher Tuesday after investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The Dow Jones industrial average closed up 101 points.
French Finance Minister Christine Lagarde was in Brazil on Monday to kick off a global tour promoting her candidacy to head the International Monetary Fund (IMF).
French Finance Minister Christine Lagarde met with her Brazilian counterpart Monday to promote her candidacy to head the International Monetary Fund and said she backed the institution's reforms giving developing nations more of a voice in its operations.
Spending should be focused on areas that can have a maximum impact and on social safety nets to protect the poor, he said.
"Advanced countries should rethink their macroeconomic strategies and avoid simultaneous fiscal contractions and the consequent overburdening of monetary policies," Guido Mantega, Brazil's finance minister, told the committee.