- BUENOS AIRES, Argentina: Economy ministers and central bankers from across South America are holding an emergency summit in Buenos Aires to draft a unified response to the US and European financial crisis.
The 12-nation Union of South American Nations hopes to create a shared program to insulate the region’s economies from instability around the globe. Proposals include increasing commerce within the region and trading in a basket of currencies that could help South America become less dependent on the US dollar.
Argentine Economy Minister Amado Boudou said Friday that even with the world in crisis, South American nations are well positioned to work together.