Remember all that excitement about the BRICS possibly bailing out Europe?
Don’t get too excited, said Brazilian Finance Minister Guido Mantega in a press conference today of Brazilian, Russian, Indian, Chinese, and South African finance officials today.
While he emphasised that the global financial situation is worsening and spoke in favour of coordinated BRICs action, he emphasised that the G-20 — and not just the BRIC countries — would be the organisation most aptly prepared to take action to stem a crisis in the eurozone.
“There is a sentence in the communique…that the BRIC countries are prepared to support the IMF in augmenting its resources, of course subject to the individual countries’ circumstances. You must note that we represent a group of countries where there is enormous amount of demand for resources at home,” said the Governor of India’s Central Bank, Dr. Duvvuri Subbarao.
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