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South America Fund Gets Backing From Brazil, Argentina

Finance ministers from South America agreed to keep working to strengthen regional institutions and funds aimed at warding off the effects of a global financial crisis, without reaching an accord on the creation of a new stability fund.

Leaders from the Unasur political bloc discussed ways to boost regional trade and create a new fund or strengthen an existing mechanism, known as the Fondo Latinoamericano de Reservas, according to a statement published after the meeting ended today in Buenos Aires. The $4 billion FLAR pools foreign currency reserves from seven Latin American nations to help address balance of payment problems.