Lula Swindles Brazil's Taxpayers

Saturday, July 11, 2009
According to Reuters, Brazil said on Thursday it would give the Cuban dictatorship up to $300 million in credits to start rebuilding the island's port of Mariel. Brazilian Industry and Trade Minister Miguel Jorge said $110 million had been approved by his government and the rest would likely be.

Just last week, the Russian Federation's Audit Chamber revealed that the Cuban regime failed on three occasions to pay installments on the US$355 million credit deal it signed with Russia on Sept. 28, 2006.

It doesn't take a sophisticated financier to realize that this is poor credit risk management.

Brazil's taxpayers should demand accountability from their President, Lula da Silva.