In Brazil 65% of Banks Think Worst is Over

The Brazillian Banker’s organization, Febraban (Federação Brasileira de Bancos) has conducted a survey among 30 banks. Apparently, 65% of those think that the Brazilian economy has hit the bottom and that it was on the way to recovery.

Rubens Sardenberg, he chief -economist of Febraban said, “We have seen an important recovery during the last months.”

At the same time, Febraban reduced forecasts for Brazil’s 2009 GDP justifying this with a “correction” in light of the “average of forecasts of the financial markets”.

Yeah sure, Rubens. GDP down, industrial production down, jobs down, salaries down. However, the banks’ shares are up, so everything is ok.

[Source: Folha Online, Brazil]