The Common Southern Market (Mercosur) will not slap sanctions on Paraguay after its fast-track impeachment proceedings that ousted former President Fernando Lugo, said Argentina's President Cristina Fernandez on Friday at the opening ceremony of the 43rd Mercosur Summit in Mendoza, in western Argentina.

"Argentina's position is not to slap any economic sanctions that damage the Paraguayan people," said Fernandez during Friday' s discussion about the measures that Mercosur will take against Paraguay's new government led by the Interim President Federico Franco .

Paraguay's opposition-led Congress voted overwhelmingly to impeach Lugo after a deadly land dispute between landless farmers and police left 17 people dead. Vice President Franco was sworn in as interim president later. However, most of the Latin American countries including the other three members of Mercosur Argentina, Brazil and Uruguay, refused to recognize the new government.

Fernandez said that in Paraguay "the constitutional regime and the democratic order has been destroyed" though the Mercosur rejected any economic punishments on the country.

Brazil's Vice President Michel Temer said on Thursday the country has no plans to impose economic sanctions of any kind on Paraguay in retaliation for the recent removal of Lugo.

"President Dilma (Rousseff) has said there will be no economic sanctions," Temer reiterated. He added Lugo himself had said economic sanctions would only serve to hurt the Paraguayan people.

Fernandez also emphasized that the Mercosur member countries agreed to continue to suspend Paraguay from Mercosur until it holds presidential elections next year. The presidents of Mercosur's member countries including Brazil's Dilma Roussef, Uruguay's Jose Mujica and the host country Argentina's Fernandez attended the summit on Friday.