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Elon Musk considers creating a common currency between Argentina and Brazil

Controversial South African tycoon Elon Musk, one of the most influential names in the business world, reacted favorably to the proposed creation of a common currency between Argentina and Brazil, two of the strongest economies in Latin America.

"Probably a good idea," Musk responded on Twitter, the social network of which he is still CEO, to the publication of the British media Financial Times about the Brazilian-Argentine currency.

The implementation of this initiative was one of the points discussed by the presidents of Brazil, Luiz Inácio Lula da Silva, and Argentina, Luis Fernández, during a meeting on Monday in Buenos Aires, prior to the summit of the Community of Latin American and Caribbean States (Celac).

The initiative for a common currency, to which other countries in the region are invited and which would have the potential to be the second largest monetary union after the Euro, is a long-standing aspiration of veteran President Lula Da Silva, who became Brazil's head of state for the third time on January 1.

Initially called Sur, this currency would initially circulate in parallel to the Argentine peso and the Brazilian real. "There will be a decision to start studying the necessary parameters for a common currency, which includes everything from fiscal issues to the size of the economy and the role that central banks will play," Argentine Economy Minister Sergio Massa told the Financial Times.

"It is the first step in a long road that Latin America must travel," said Massa, who added cautiously that he did not want to "generate false expectations."

After the uproar over Musk's response, the spokeswoman of the Casa Rosada, Gabriela Cerruti, reacted to the tycoon's tweet by assuring that the Brazilian president's visit was "making people talk all over the world".

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