Argentina President Alberto Fernandez (R) and Brazil President Luiz Inacio Lula da Silva (L) greet each other after signing a series of agreements during a news conference in Buenos Aires.
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Argentina and Brazil, the two largest economies in South America, are in early talks to create a common currency, as part of a coordinated bid to reduce reliance on the U.S. dollar.
But some analysts are highly skeptical, dismissing the proposal as “pie in the sky” because of the discrepancies between the two economies and the rapid shift of political winds in the region.
“Our finance ministers, each with his own economic team, can make us a proposal for foreign trade and transactions between the two countries that is done in a common currency,” Brazilian President Luiz Inacio Lula da Silva said Monday at a news conference in Buenos Aires, Argentina, according to Reuters.
Speaking on his first international…
