This is where your money is: Brazil's president announces $100 billion reserve for new BRICS Bank
4 replies, posted
[thumb]http://cdn.rt.com/files/news/29/de/c0/00/russia-2bn-brics-bank.si.jpg[/thumb]
[QUOTE][URL="http://brics6.itamaraty.gov.br/media2/press-releases/214-sixth-brics-summit-fortaleza-declaration"][B]The leaders of the five Brics countries have signed a deal to create a new $100bn development bank and emergency reserve fund.[/B]
Brazil's President, Dilma Rousseff, announced the creation of the bank at a Brics summit meeting in Fortaleza, Brazil on Tuesday.
[B]The creation of the Brics bank will almost surely create competition for both the World Bank and other similar regional funds.[/B]
Brics nations have criticised the World Bank and the International Monetary Fund for not giving developing nations enough voting rights.
One of the goals for the bank - whose creation has been discussed for some time - would be[B] to increase the amount of money loaned to developing countries to help with infrastructure projects.[/B][/URL][/QUOTE]
[url]http://www.bbc.co.uk/news/business-28317555[/url]
:rolleyes:
sauce?
[QUOTE=Sableye;45402294]sauce?[/QUOTE]
I re-iterated my OP, it now includes official BRICS article and bbc quick-news article.
Makes sense. Maybe developing countries are sick of getting reamed by the terms of IMF and World Bank loans. Maybe they want to borrow from someplace that won't demand austerity policies and seizing natural resources as collateral for loans that are rigged for default so Western companies can come in and exploit those resources.
Developing countries have been getting fucked by the IMF for decades.
[QUOTE=Used Car Salesman;45409587]Makes sense. Maybe developing countries are sick of getting reamed by the terms of IMF and World Bank loans. Maybe they want to borrow from someplace that won't demand austerity policies and seizing natural resources as collateral for loans that are rigged for default so Western companies can come in and exploit those resources.
Developing countries have been getting fucked by the IMF for decades.[/QUOTE]
as if taking money from the russians never had any strings attached?
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