Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Argentine Currency Savior To Advise Ukraine Leaders

BUENOS AIRES, Argentina -- Domingo Cavallo, a former Argentinian economy minister, was to travel to Ukraine from Russia to advise the government there, a source at Cavallo's office in Buenos Aires and national media reported.

Cavallo traveled to Moscow last week at the invitation of Russian Deputy Prime Minister Boris Fyodorov to give the crisis-torn country advice on the feasibility of a currency board like the one Cavallo introduced in Argentina in 1991.

Fyodorov said Wednesday that Argentina's experience with a currency board was a good example.

The Argentinian peso's peg to the dollar is credited with curing the hyperinflation of the late 1980s and ensuring newfound economic stability in the South American nation.

"In my view, the Argentinian example with perhaps some modifications and changes is the single strong path [for Russia's economy]," Fyodorov said.

A source at Cavallo's office who asked not to be identified confirmed a report by local news agency DyN on Wednesday that the former minister would stay in Ukraine for 1 1/2 days. Ukraine's currency, the hryvna, has been pounded in the wake of Russia's ruble devaluation.

Cavallo met with Russian acting Prime Minister Viktor Chernomyrdin on Wednesday, the source said. He could not give any details of their discussion.

Cavallo is scheduled to head home Sunday without returning to Moscow, the source said.