South American nations seek to avoid dollar ...News

Russia Today - News
South American nations seek to avoid dollar
source : Russia Today ( News ) () 41
Brazil could extend a line of credit to debt-laden Argentina in mutual trade The presidents of Argentina and Brazil have announced plans to continue working on the development of a mechanism allowing them to avoid using the US dollar in bilateral trade. Crisis-hit Argentina is seeking to rebuild its reserves to cover trade costs and future debt repayments as a key component of a major debt deal with international creditors. Brazilian President Luiz Inacio Lula da Silva and his Argentinian counterpart Alberto Fernandez were expected this week to reveal the new mechanism allowing Argentine firms to continue trading

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