Gleisi says government will have ‘social responsibility in 1st place’ on market reaction to Lula’s speech

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The president of the PT and coordinator of political articulation of the transition government, deputy Gleisi Hoffmann (PT-PR), said this Friday (11) that the future federal administration will have “social responsibility in the first place” and that she saw it as a “movement speculative” the negative variation on the Stock Exchange after statements about economic stability made by President-elect Luiz Inácio Lula da Silva (PT).

“We will never give up having social responsibility put first, because we are talking about people’s lives, people’s survival,” he said after a meeting of the transition’s political council.

On Thursday (10), Lula criticized rules that limit public spending and the dollar rose by 4.08%, while the Ibovespa, a reference index of the Brazilian Stock Exchange, dropped 3.35%.

“Why are people made to suffer to guarantee such fiscal stability in this country? Why do people all the time say that it is necessary to cut spending, that it is necessary to have a surplus, that it is necessary to have a ceiling on expenses? establish a new paradigm?”, questioned the PT.

Lula also said that “some things seen as expenses in this country will come to be seen as investments”.

On the same day, shortly after the reaction of investors, Lula said that he had “never” seen a market “as sensitive” as the Brazilian one. This Friday, Gleisi criticized the stock market’s movement. “I think it was a speculative move, which is very bad for the country,” he said.

Hoffmann said the indices had already stabilized on Friday. “First, we received with astonishment, I don’t know what President Lula said that could cause such a large variation in market sentiment. In fact, all the dollar indicators have already returned to normal,” he said.

The political council of the transitional government met this Friday morning in Brasília for the first time.

The nominees of 14 parties are part of the group: PSB, PT, Solidarity, PV, Psol, PC do B, Rede, Agir, PROS, Avante, PDT, PSD, MDB and Cidadania. There were no MDB representatives at the meeting, but Hoffmann said they will attend the next meetings.

The meeting takes place at the CCBB (Centro Cultural Banco do Brasil) — where the work of the transition will be concentrated.

The group includes Gleisi Hoffmann (PT), Antônio Brito (PSD), Carlos Siqueira (PSB), Daniel Tourinho (Agir), Felipe Espírito Santo (PROS), Guilherme Ítalo (Avante), Jefferson Coriteac (Solidarity), José Luiz Penna ( PV), Juliano Medeiros (PSOL), Luciana Santos (PCdoB), Wesley Diógenes (Rede), Wolney Queiroz (PDT), Renan Calheiros (MDB) and Jader Barbalho (MDB).

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