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BRICS Bank rejects Lula’s idea to rescue Argentina

By Fernando de Castro

President Luiz Inácio Lula da Silva's proposal to grant a credit line from the BRICS Bank to Argentina through the New Development Bank faces financial difficulties due to the neighboring country's low foreign exchange reserves.

Lula's suggestion was presented last month during former president Dilma Rousseff's inauguration at the head of the institution.

Lula assigned Dilma the mission of guaranteeing the necessary financing to Argentina.

The intention was to announce the agreement during the bank's next annual governors' meeting, with the participation of Argentine Economy Minister Sergio Massa, Finance Minister . . .

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