BRICS sidestepping World Bank

Now, what news on the Rialto?
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Enki
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Joined: Thu Dec 22, 2011 6:04 pm

BRICS sidestepping World Bank

Post by Enki »

http://www.bloomberg.com/news/2013-03-2 ... k-imf.html
The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
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Endovelico
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Joined: Mon Dec 12, 2011 3:00 pm

Re: BRICS sidestepping World Bank

Post by Endovelico »

Meanwhile, in Europe, we keep fighting each other and northern countries try to siphon savings from southern banks to their own banks, as it has been seen in Cyprus and may happen elsewhere.
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