BRICS dumping euro amid simmering EU banking crisis

Not sure if people are following up on this piece. I'm not even sure how much of it real. More bad news for the EU region.

Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is underway in the wake of a persistent financial crisis, as holdings in the European currency by emerging economies were slashed by almost 8 percent last year.

Emerging economies – including Brazil, Russia, India, China and South Africa (BRICS) – are dumping the euro, having sold €45 billion of the currency in 2012, according to data gathered by the International Monetary Fund.

The euro represents just 24 percent of their reserves, the lowest level since 2002 – the year when euro coins and banknotes first entered circulation – and down from a peak of 31 percent in 2009. At the same time, the euro's share of total global reserves has also fallen. This change of fortune for the euro is blamed on several factors, including sovereign debt crises and rapid growth by BRICS nations.

SOURCE

reply to post by hp1229


They traded in the hats of national leaders/statesmen to put on the ski masks of bank robbers ...to support a dying economy. What did they expect after telegraphing THAT level of weakness? If Cyprus wasn't enough, EU officials were more than simply hinting about the possibility this could come in other nations there. Italy, Spain or others. Oh.. Yeah... People were supposed to just run out and embrace the Euro like a security blanket after that stupidity.


Where the heck DO these people get their education?? I rarely see a high official who doesn't claim University and usually prestigious ones. They all need a refund on their tuition costs. Given what their actions indicate for BASIC understanding of cause and effect? They got screwed all the way around on that one.

considering the latest dollar and euro dumps... we're witnessing a unprecedented power shift.

Wow!