Brazil's finance minister supports fund to shield South America from debt crisis

Friday, August 12, 2011

Brazilian finance minister Guido Mantega has thrown his support behind the idea for a fund to shield South America from the potential impact of the European debt crisis and high volatility in global financial markets, regional press reported.

Finance ministers from members of the Union of South American Nations (Unasur) are meeting Friday in Argentine capital Buenos Aires to discuss what kind of fund would be best for this purpose.

Ministers are considering bolstering the region's existing reserve fund, Fundo Latinoamericano de Reservas (Flar), or creating a new fund, according to the reports.

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