Argentine President Alberto Fernández arrived at Brazil’s presidential residence to meet his counterpart Luiz Inácio Lula da Silva as officials from both countries study how to eschew the 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.
Lula intends to propose 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 Galípolo.
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