BRICS just created their own world bank and a Hindu will be the president. This comes as an answer to USA and IMF control over the countries.
news : Its braking news here, so you may learn it later today or tomorrow in the western media.
I will also translate it for u :
Russia's response to the sanctions of the West against were indeed "megaton"! Not nuclear, but economic concerns and the "dent" the tools by which the
West and especially the U.S. have installed global domination:
This followed by the announcement, however, was perhaps most important geostrategic apoos: The statements by Russia which repudiated the IMF was
As he described the Russian president Vladimir Putin: «The new bank will be part of a system of measures that will be implemented to prevent and
impede economic harassment to countries which do not agree with specific foreign policy decisions taken by the U.S. and its allies! "
On his part, the Russian Foreign Minister Se.Lavrof said: "The meeting confirmed that it expressed against unilateral steps in global politics and
economics, BRICS group members do not seek confrontation, but offered to cooperate on extending collective approaches to solving all (global) issues,
"he told reporters the head of Russian diplomacy.
But the final communiqué of the "5" of the BRICS was very hard at the IMF
"We remain disappointed and puzzled seriously of the non-implementation of reforms in the IMF that were decided in 2010 and the non-implementation
harms having serious negative effects on the legitimacy, credibility and effectiveness of the Fund," was the hard press against five IMF.
The five countries of the economic alliance of the BRICS ie Brazil, Russia, India, China and South Africa, today decided to Fortaleza Brazilian
Development Bank with a capital of 50 billion dollars and based in Shanghai and establishing a reserve fund for crises with reserve of 100 billion
The president of New Development Bank will be in India for five years, and the head of the board will be Brazilian, according to a notice issued after
the meeting held in Fortaleza.
Five of the biggest emerging markets will approve, according to a report in Bloomberg establishing a reserve fund with capital of EUR 100 billion and
development bank with a capital of 50 billion dollars at the meeting of leaders in the city of Fortaleza in Brazil 15 and June 16.
This initiative of the BRICS has a clear target: the purpose is to "hit" and reduce the influence of the IMF and World Bank and by extension the
The development bank should be approved legislation of the countries - members and will take about a year to materialize.
Participation in this will eventually open to countries outside the BRICS (this is the secret to gain worldwide value the project), while the
announcement of its establishment coincides with plans for the establishment of an Asian development bank infrastructure, with funds also 50 billion
dollars, headed to China, according to an official of the Ministry of Finance of Brazil.
China will fund the reserve fund, which could be used by countries - members if deficits in balance of payments, with 41 billion dollars, while South
Africa with 5 billion dollars and the other three countries with 18 billion dollars each.
The details on the operation of the fund, which accounts for only 2% of total reserves of BRICS, have not yet been determined.
The average growth rate of the five countries-down from economists surveyed by Bloomberg-reach 5.37% this year, half in relation to the rate of seven
years ago. Brazil and Russia are expected to grow at 1.3% and 0.5%, respectively.
edit on 15-7-2014 by Ploutonas because: (no reason