We have been in close contact with Brazilian officials as financial pressures have intensified. I telephoned President Cardoso on Friday to discuss recent developments in global financial markets and to express U.S. support for Brazil's actions thus far to respond to these pressures.

I believe Brazil has made impressive achievements in recent years to stabilize its economy and improve underlying economic fundamentals. Continuing on this reform path is the best way to respond to current financial turbulence and sustain long-term growth prospects.

The financial stability and prosperity of Brazil is of vital importance to the United States and to the global economy more generally. We will remain in close touch with Brazilian officials over the coming days and weeks.