He was criticised for using the expression, considered by some to be inappropriate and bordering on racism.
During his recent interview, however, he was unrepentant.
"What I wanted to say is more noteworthy today than it was then. What I wanted to say was that it wasn't the indigenous or the black population who should pay the bill [for the crisis] but those really responsible, the blue-eyed bankers.
"It was the rich who were responsible for the crisis. And we weren't going to allow them to put the blame on the poor people of the world, as always happens when there is an economic crisis", President Lula said.
The president, however, seemed confident that the leaders of the G20 group of developed and emerging countries could find solutions if they kept working together.
They will meet again to discuss the crisis in the US city of Pittsburgh on 24 and 25 September, and Brazil is hoping to influence the debate, calling for further changes to the financial system.
President Lula defended the group, arguing that the G20 was becoming an important forum for debating and finding solutions for the economy.
But he also argues that the group should widen its goals and start implementing policies to speed up development.
"I hope... that the poor of the world, the emerging countries, are not only called upon to resolve the problem of the crisis and then, when the crisis is over, the G20 will be dissolved and we go back to the G8," he said.
According to the Brazilian president, the G8 does not have the credibility to deal with the global economic challenges.
He said the G8 was "a closed club" which had "no legitimacy" to debate the current crisis.
President Lula was interviewed as part of BBC Two's Love of Money series.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.