Brussels – Harsh austerity measures will make Europe's economic woes even worse, Brazilian President Dilma Rousseff said here Monday.
She met with Belgian Prime Minister Yves Leterme before participating in a working dinner marking the start of the fifth Brazil-European Union summit.
Rousseff, a trained economist, recalled the debt crisis that affected Latin American countries during the 1980s and said "in our case, the extremely recessive fiscal adjustments only deepened the process of stagnation, loss of opportunities and unemployment.
"Only with difficulty does one come out of the crisis without increasing consumption, investment and the level of growth in the economy," she said.
It is important for countries "to take into account the population during this period of crisis, so that they suffer as little as possible, above all with regard to unemployment," Rousseff said.
She said her government will do "everything necessary" to reduce the impact of the crisis on the Brazilian economy.
The economic situation of Brazil and the EU, which is still struggling to contain the Greek debt crisis, will form part of the discussions Rousseff will hold in Brussels with the head of the European Council, Herman van Rompuy, and European Commission President Jose Manuel Durao Barroso.
The EU commissioner for Economic and Monetary Affairs, Olli Rehn, acknowledged Monday that Greece will probably not meet the deficit targets imposed as a condition for the next tranche of aid.
According to EU sources, it is not scheduled during the summit for there to be any accord reached on any possible aid from the four main emerging economies of the world to assist Europe in this situation.