BRASILIA, Brazil — Argentine President Alberto Fernández and his Brazilian equivalent, Luiz Inácio Lula da Silva, pledged Tuesday to keep working to come up with a system that would enable them to prevent utilizing the U.S. dollar in trade inbetween the surrounding countries.
Argentina’s economy is looking especially delicate after a run on the peso in the monetary markets triggered a sharp decline of the regional currency late last month as well as a drain of U.S. dollars from main bank reserves in part due to a ravaging dryspell that has slashed exports.
There was lots of anticipation Tuesday that the 2 nations would reveal a system permitting Argentine companies to continue trading with Brazil without drainingpipes valuable dollars from the nation’s reserves. Yet after a almost four-hour conference the 2 presidents made clear they were still fine tuning the information.
“The conference was long, hard and we will bring out numerous more conferences,” Lula stated togetherwith Fernández as the 2 left-leaning presidents spoke to the press. “I made a dedication to my buddy Alberto Fernández that I will do every and any sacrifice so we can aid Argentina in this challenging minute.”
The proposed strategy includes a line of credit to financing Brazilian business that export to Argentina with the objective of preventing usage of the dollar, stated the financing ministry’s executive secretary, Gabriel Galípolo.
On Tuesday earlymorning, Finance Minster Fernando Haddad