Thursday, November 11, 2010

G20 Summit: Brazil Defends Use of New Commercial Currency Instead of U.S. Dollar

At the G20 summit in South Korea President Luiz Inacio Lula da Silva proposed discussing alternatives to the dollar as the currency used in commercial transactions.

Upon arriving in Seoul to the G20, which will address issues of global economy, the president again criticized what he called "currency war", waged primarily by the United States and China.

"Our main quarrel is with the United States and China. We cannot continue the way it is with this exchange war" the president said, according to the Agency Brazil.

By advocating the resumption of the debate on alternatives to the dollar in global trade, Lula said that the countries that make up the BRIC nations - Brazil, Russia, India and China - have already been addressing the issue.

"Since last year, we are calling the BRICs to replace the dollar in transactions. It is a work of persuasion," he said.

Lula also advised the government of his successor Rousseff, who takes on Jan. 1, to seek to increase the country's foreign trade and said the government must act as "backpackers."

"We will not sell, if you stay in Brasilia crying". :We must put our products as if they were in a backpack," the president said.

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