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Brown meets Chilean head Bachelet Chile tells PM 'we saved for now'
(about 2 hours later)
Chilean president Michelle Bachelet has told Gordon Brown how her country "saved in the good times" in order to spend in the bad. Chile's president has told Gordon Brown how her country "saved in the good times" in order to spend in the bad.
Her boast, at a joint news conference, echoed an attack by Tory leader David Cameron that Mr Brown did not "fix the roof while the sun was shining". Michelle Bachelet's comments came at a joint news conference as the UK prime minister was in Chile as part of a pre-G20 summit support-building trip.
The BBC's Nick Robinson said Ms Bachelet appeared to be unaware of how unwelcome her comments were. BBC political editor Nick Robinson said Ms Bachelet appeared to be unaware of how unwelcome her comments would be.
Mr Brown is in Chile as part of a support-building trip ahead of the G20. Shadow chancellor George Osborne said Mr Brown was "getting lessons" on managing public finances.
BBC political editor Nick Robinson said Mr Brown, who is the first British prime minister ever to visit Chile, is a particular admirer of Ms Bachelet, who has spent much of her country's copper wealth on relieving poverty, investing in public services and improving education. Our correspondent said Mr Brown, who is the first UK prime minister to visit Chile, is a particular admirer of Ms Bachelet, who has spent much of her country's copper wealth on relieving poverty, investing in public services and improving education.
The Chilean president had warmly endorsed Mr Brown's leadership of the G20 and his efforts to seek a global solution to global economic problems, our correspondent said.The Chilean president had warmly endorsed Mr Brown's leadership of the G20 and his efforts to seek a global solution to global economic problems, our correspondent said.
G20 LONDON SUMMIT World leaders will meet next week in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the US and the EU. Q&A: G20 Summit What Brazil wants from G20 Nick Robinson's blog G20 LONDON SUMMIT World leaders will meet next week in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the US and the EU. Q&A: G20 Summit What Brazil wants from G20 Nick Robinson's blog
She also called for those countries involved to agree to a co-ordinated fiscal stimulus at their conference in London next week.She also called for those countries involved to agree to a co-ordinated fiscal stimulus at their conference in London next week.
But, apparently unaware of how unwelcome her words would have been to her visitor, she went on to say that because of decisions made in the good times Chile had prepared for the bad. But she went on to say that because of decisions made in the good times, Chile had prepared for the bad.
Chile set up two sovereign wealth funds to save and later invest the proceeds of its recent impressive growth.Chile set up two sovereign wealth funds to save and later invest the proceeds of its recent impressive growth.
"I would say that because of our decision during the good times, we decided to save same of the money for the bad times," Ms Bachelet told the news conference in Santiago."I would say that because of our decision during the good times, we decided to save same of the money for the bad times," Ms Bachelet told the news conference in Santiago.
"And I would say that policy today is producing results. So when we develop our fiscal stimulus plan we could make one that is 2.8% of GDP." "And I would say that policy today is producing results. So when we develop our fiscal stimulus plan, we could make one that is 2.8% of GDP."
Emerging economiesEmerging economies
But Ms Bachelet did go on to point out the UK had introduced a stimulus of more than 2% of GDP. Ms Bachelet did go on to point out the UK had introduced a stimulus of more than 2% of GDP.
Mr Brown responded by insisting that the International Monetary Fund believed Britain was better prepared than most countries for the economic crisis. Mr Brown responded by insisting that the International Monetary Fund believed the UK was better prepared than most countries for the economic crisis.
Ms Bachelet's words appeared to echo Tory leader David Cameron's criticism that Mr Brown did not "fix the roof while the sun was shining".
Mr Osborne said: "The president of Chile is right to point out, as we have done, that countries that put aside money in the good years are the ones that can afford to spend that money now without adding recklessly to national debt.
"Gordon Brown is getting lessons from the Latin Americans about sound public finances. You couldn't make it up."
The prime minister has been holding a series of meetings in Chile, one of the continent's best-performing economies.The prime minister has been holding a series of meetings in Chile, one of the continent's best-performing economies.
Emerging economies, which are an increasingly powerful voice within the G20, are unhappy the destabilisation of the banking system in the US and Europe has resulted in economic suffering for the world's poorest countries.Emerging economies, which are an increasingly powerful voice within the G20, are unhappy the destabilisation of the banking system in the US and Europe has resulted in economic suffering for the world's poorest countries.
Brown: "Things that people could not have thought possible several months ago are now happening"Brown: "Things that people could not have thought possible several months ago are now happening"
During Mr Brown's visit to Brazil, the Brazilian president Luiz Inacio Lula da Silva raised eyebrows when he claimed the financial crisis was caused by "white, blue-eyed people".During Mr Brown's visit to Brazil, the Brazilian president Luiz Inacio Lula da Silva raised eyebrows when he claimed the financial crisis was caused by "white, blue-eyed people".
Mr Brown has stressed the need to support developing countries through the economic turmoil, proposing a $100bn fund to underwrite faltering world trade.Mr Brown has stressed the need to support developing countries through the economic turmoil, proposing a $100bn fund to underwrite faltering world trade.
Earlier, the prime minister said people should not be "cynical" about what could be achieved at next week's G20 meeting and that he was optimistic about the outcome.Earlier, the prime minister said people should not be "cynical" about what could be achieved at next week's G20 meeting and that he was optimistic about the outcome.
His comments followed those of Foreign Office minister Lord Malloch Brown who said the conference had to produce more than "empty promises". His comments followed those of Foreign Office minister Lord Malloch Brown, who said the conference had to produce more than "empty promises".
Lord Malloch Brown, who has been closely involved in preparations for the summit, warned the G20 "can't again engage in meaningless, empty commitments".Lord Malloch Brown, who has been closely involved in preparations for the summit, warned the G20 "can't again engage in meaningless, empty commitments".
"It is easy to be cynical," Mr Brown told the BBC "It is easy to say nothing can ever work but we have taken action.
"I haven't been going round the world talking to leaders in every country simply to say we are having a communique. I am going back to say here are the things we are going to do.
"My job is to enable this consensus to be built not just between the US and Britain or Europe and US but right round the world in a unique situation."
On a whistlestop tour of Europe and the Americas over the past week, the prime minister has addressed the European Parliament, held talks with the UN Secretary General Ban Ki-Moon and met business leaders in New York.