Brazil's Lula, Argentina's Fernández look to eschew US dollar as peso's value crumbles

Argentine President Alberto Fernández met with Brazilian President Luiz Inácio Lula da Silva on Tuesday to examine means of flouting U.S. dollar usage in international commerce.

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.

On Tuesday morning, Finance Minster Fernando Haddad told reporters the two governments are studying possible guarantees in order for Brazil's government to provide such financing.