Brazil's President Luiz Inacio Lula da Silva said on Thursday that the global financial crisis will not break down Brazil's economy.

During a meeting of the Social and Economic Development Council (CDES), President Lula said the crisis was caused by "the financial system which dares to sell what it does not have," adding that either the market changes or other crisis will come.

Though he believes the worst moment of the crisis has already passed, Lula said he hopes the US President-elect Barack Obama will act quickly to fight its impacts.

The Brazilian president said he is confident in Obama's ability to deal with the economic recession.

In addition, Lula stressed that Brazil's situation is different from other countries, especially the developed economies.

He said Brazil's fiscal situation, its foreign exchange reserves, and the government's investment potential contribute to the country's current relatively good situation.

President Lula reaffirmed that his government will not craft an economic package to deal with the crisis and urged businessmen not to dismiss any employees and consumers not to worry about the crisis.

"If, out of fear, people stop buying their houses and changing their TV sets, then we will have a problem," he said.

(Xinhua News Agency November 7, 2008)