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Montevideo, June 8th 2023 - 11:57 UTC

 

 

Massa to broker imports from Brazil paid in Argentine pesos

Tuesday, May 2nd 2023 - 10:57 UTC
Full article 15 comments
The Economy Minister will join President Alberto Fernández's entourage The Economy Minister will join President Alberto Fernández's entourage

Argentina's Economy Minister Sergio Massa will travel to Brazil alongside President Alberto Fernández to find credit alternatives through which to spend fewer dollars in bilateral trade, it was reported.

According to Argentine media, Brazil will finance an export that will be paid directly in pesos to Brazilian companies, which will then convert those pesos into reais. The issue has already been discussed in previous meetings between Massa and his Brazilian counterpart, Fernando Haddad.

Massa has already brokered further disbursements from the International Monetary Fund, made a yuan swap with China, and is now he opening the door to a new negotiating table with Brazil to curb the US dollar from soaring against the Argentine currency.

“Four options are being negotiated” with Haddad and with Brazilian Secretary of the Treasury Gabriel Galipolo, in addition to Vice President Geraldo Alckmin, who is also Industry and Trade Minister, it was reported. The operation would be labeled “an export credit,” in Galipolo's words, who also told local media that under Michel Temer and Jair Bolsonaro Brazil stopped financing its exports and compensation mechanisms with Argentina, which allowed the advance of China.

“In the last five years, due to Brazil's lack of mechanisms to finance Brazilian exports and Argentine imports, we have lost approximately 6 billion dollars of space in the trade balance with Argentina to China, which has been providing financing mechanisms in alternative means of payment, such as swap, or giving credit to the exporter,” the official was quoted as saying by GloboNews.

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  • Pugol-H

    Chicureo
    Saludos Compadre, I trust all is well and the new Granddaughter and Mother are doing well?

    I spoke with and Argentinian friend of mine today, living in BA, definitely not one of the top decile, however works for a company ‘overseas’ and is paid in Dollars (US), so he is surviving quite well, otherwise the situation is dire.

    His que to leave will be, if and when, they start delaying Passport renewals (not a problem to him) and seizing accounts with Dollars (US).

    Whoever the next Government is after the election, it is going to be a ‘Crock of Shit’.

    TWIMC
    Philipponnat, Squashed Duck, a la roadkill.

    à la guillotine avec l'Aristo.

    Meanwhile Argentina goes to the Dogs and Puelmapu burns!!!

    Oh and Brazil already dances to Beijing’s tune and Argentina is next, best you stay in nice safe, economically and politically stable, Europe.

    And last time I checked it was ‘die deutsche arme’, âne!!!

    Carefull what you say about Anglos blowing up ‘gasoducts’:

    https://americasquarterly.org/article/can-a-pipeline-fix-argentinas-economy-and-sway-the-election/

    Capishhhh???

    May 02nd, 2023 - 11:16 pm +1
  • Chicureo

    THINK

    I always avoid the Chinese market as it's a zero sum loss...

    Frankly it's very sad that your country is in this situation, but it's self inflicted...

    Obviously the current idiot US President is playing with nuclear war...

    ...GOD help us all..

    May 02nd, 2023 - 11:29 pm +1
  • Chicureo

    THINK

    Chile indeed does heavily trades in US$ - soon we'll have be flooded with those cheap Chinese imports...

    PUGOL

    Both young dames are thriving. (I had to kidnap Madame to the farm to have some rest.)

    ¡Saludos!

    May 03rd, 2023 - 08:59 am +1
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