Brazil defends use of local currencies in Unasur trade

[Judi Lynn]

Brazil defends use of local currencies in Unasur trade
2009-02-18 18:55:40

Special Report: Global Financial Crisis

RIO DE JANEIRO, Feb. 17 (Xinhua) -- Brazil's President Luiz Inacio Lula da Silva on Tuesday defended the use of local currencies by member countries of the Union of South American Countries (Unasur) in their trade to reduce reliance on the U.S. dollar.

"We need to create regulations so we do not depend so much on the U.S. dollar, which is scarcer and more problematic," Lula said during a luncheon with visiting Colombian President Alvaro Uribe in Brasilia.

According to Lula, if the Unasur countries use their own currencies in the bloc's trade, local businessmen would not have to rely on the U.S. dollars in exports.

On the international financial crisis, Lula said it offered an opportunity for the countries to do what has not been done before.

http://news.xinhuanet.com/english/2009-02/18/content_10842358.htm