Bolivian president rebukes restrictions imposed by U.S. financial system

PUERTO IGUAZU, Argentina, July 4 (Xinhua) -- Bolivian President Luis Arce on Tuesday rejected constraints imposed by the U.S. financial system, urging the Southern Common Market (Mercosur) to "reduce dependence on the U.S. dollar."

In a speech at the 62nd Summit of Heads of State of Mercosur and Associated States in Puerto Iguazu, Argentina, Arce said the region "is seriously impacted by the restrictions and regulations imposed by the U.S. financial system, which limit financing options and chances to access international markets."

"It is necessary to reduce dependence on the U.S. dollar and diversify our economic and trade relations," he added.

Bolivia is currently in the process of joining the trade bloc, and with that in mind, Arce urged members to seek "strategic alliances with other international players."

"We cannot ignore ... the emergence of a Eurasian and Asian bloc, organized in BRICS and other integration mechanisms, which are opportunities for the construction of a new world economic order," he said.

The president also proposed "working together to strengthen" local currencies and promoting their use in regional transactions.