Snow: Brazil a market success

RIO DE JANEIRO, Aug. 2 (UPI) -- U.S. Treasury Secretary John Snow said Tuesday Brazil was an example of success for its market reforms and its solid economic performance.

During his visit to Brazil, Snow also lauded its leaders for not pursuing a new loan agreement with the International Monetary Fund after its previous agreement expired.

"Brazil today is clearly steering its own course ... (and) made the sensible decision not to pursue another IMF program which was not needed," said the secretary Tuesday.

South America's largest economy posted a record surplus for the month of July and has shown positive growth in 2004 and so far this year following a disappointing 2003.