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Brasil and Argentina will reportedly support a new stability fund or strengthening an existing fund... known as FLAR.
Currently with $4b...FLAR holds foreign currency reserves from 5 Andean nations, Costa Rica and Uruguay... for member nations that run into balance of payment problems.
That fund...or a new emergency fund could eventually contain... $10-$20b.
Brasil's FM Mantegna says the new fund will come at the expense of the Inter-American Development Bank which he said has “lost legitimacy over time” because of USA influence.
