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Leaders Meet as CELAC Conference Begins

LATIN AMERICA
  • Latin American and Caribbean leaders meet for the Community of Latin American and Caribbean States (CELAC) conference in Buenos Aires beginning at 10am local time.
  • At 1500: Brazil President Luiz Inacio Lula da Silva, Argentina President Alberto Fernandez and other leaders will hold bilateral meetings until 1700.
  • News has been dominated around Brazil and Argentina starting preliminary talks to create a common currency, as their leftist leaders revive a proposal that economists and central bankers have long criticized. Brazil's President Luiz Inácio Lula da Silva wants to boost trade with Argentina, his country's third-largest trading partner, while improving economic cooperation, he said in a joint op-ed with his Argentine counterpart.
  • Finance Minister Haddad said the plan is to introduce a common unit to settle trading operations between the two countries without relying on the dollar.
    • “We’re talking about a system that’s not based on local-currency payments, which didn’t work, but that won’t reach the level of monetary unification seen with the euro.”
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