Argentine President Alberto Fernandez and his Brazilian counterpart, Luiz Inacio Lula da Silva, vowed Tuesday to keep working to come up with a mechanism that would allow them to avoid using the U.S. dollar in trade between the neighboring nations.
Argentina's economy is looking particularly fragile after a run on the peso in the financial markets caused a sharp devaluation of the local currency late last month as well as a drain of U.S. dollars from central bank reserves in part due to a devastating drought that has slashed exports.
The proposed plan involves a line of credit to finance Brazilian companies that export to Argentina with the intention of avoiding use of the dollar, said the finance ministry's executive secretary, Gabriel Galipolo. "Now what we have to do is find these points of agreement ... to get those credits operating that guarantee the production of Brazilian companies that export to Argentina," the Argentine president said.
"We aren't having a discussion to help Argentina," Lula said. "We need to help Brazilians who export to Argentina and finance Brazilian exports, just like China does with Chinese products."
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