*****BRAZIL WARNS Of A Global Economic Crisis DEVASTATING FOR ALL*****

BRASILIA(BERNAMA-NNN- MERCOPRESS) -- Brazil's President Dilma Rousseff has warned that a full blown economic crisis could be devastating for emerging countries as well as for the world's largest economies.

She added that the global financial situation could also cause a "serious rupture." when speaking at the UN General Assembly in New York.

The Brazilian President became the first woman to open a United Nations General Assembly session in the 66 years of the institution's history.

Nations should halt currency wars by avoiding free-floating exchange regimes said Rousseff, adding that Brazil was not invincible against the global crisis though she claims it was one of the world's least affected countries by the recession.

"Controls must be imposed on the currency war through the adoption of floating exchange rate regimes," she said.

"That means putting an end to exchange rate manipulation both by excessively expansionary monetary policies (U.S) and by the stratagem of fixed exchange rates (China)," she said.

The Brazilian leader stressed the crisis is "too deep" to be addressed by "a couple of countries" exclusively.

She said the emerging countries earned their right to participate on the crisis decisions for being the ones "currently responsible for the world's economic growth" and reinforced the Brazilian claim to a permanent seat on the UN's Security Council.

She also showed full Brazilian support to the Palestinian claim to UN recognition saying it was "a legitimate right" and highlighted "Muslims and Jewish should coexist in peace."