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South America Said to Study Creating $20 Billion Crisis Fund

South American finance officials are considering creating a $10 billion to $20 billion emergency fund to assist nations that experience capital flight should the global economic crisis deepen, two government officials involved in the talks said.

The proposed fund, a regional alternative to the International Monetary Fund, will be discussed by central bank presidents and finance ministers from the 12-member Union of South America Nations at a meeting tomorrow in Buenos Aires, said the officials, who serve in separate governments and who declined to be named because talks are ongoing.