Wednesday, 12 October 2011

Emerging Economies to rescue Europe?

The emerging economies of Brazil, Russia, India, China, and South Africa—the so-called BRICS countries—which hold huge international reserves, are planning to come to the EU’s aid!

The Brazilian minister of finance, Guido Mantega, said that the BRICS states held a meeting on 22 September to discuss the co-ordination of an EU rescue plan. “We met in Washington to decide how to help the European Union to get out of this situation,” he said. The countries are considering substantially boosting their holdings of euro-denominated bonds in their foreign exchange reserves.

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