Sunday, October 12, 2008

BRAZIL, ARGENTINA ABANDON U.S. DOLLAR

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Reactions to story from Aotearoa: a wider perspective
Brazil, Argentina abandon US dollar
http://aotearoaawiderperspective.wordpress.com/ 2008/ 10/ 09/ brazil-argentina-aband...

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange. The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars. On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will take place with the Brazilian real (BRL) and the Argentine peso (ARS).

NOTE: BRAZIL AND ARGENTINA ARE LATIN AMERICAN NATIONS.

12 minutes ago
Tagged:

* Dollar collapse,
* dollar-collapse,
* economic-meltdown,
* Economic meltdown,
* Uncategorized

Aotearoa: a wider perspective
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