President hails Brazilian growth

Brazil's president has spoken positively of the country's economic status and its international standing.

Luiz Inacio Lula da Silva stated that the discovery of oil fields in the Santos basin is likely to lead to it becoming more independent, reports Mercopress.

This is because it is believed to contain more than 50 million barrels worth of oil and gas, thereby making it less reliant on foreign sources of energy.

President Lula da Silva added that in recent years, the Brazilian economy has experienced significant expansion.

He said it has grown "so much and so fast" since he took office in 2003.

This comes after he was quoted by Nasdaq as saying that the current problems in the global financial markets should not unduly affect the country.

President Lula da Silva stated that the South American nation can weather the storm as it is supported by strong economic fundamentals.

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