“Russian
President Vladimir Putin has signed a law ratifying the deal
establishing the BRICS New Development Bank (NDB), according to a
document published on Monday on Russia's official website for legal
information.”
“The
BRICS New Development Bank (NDB) was set up to challenge two major
Western-led giants – the World Bank and the International Monetary
Fund. NDB's key role will be to serve as a pool of currency for
infrastructure projects within a group of five countries with major
emerging national economies - Russia, Brazil, India, China and South
Africa.”
“According
to the Russian Finance Ministry, the New Development Bank is expected
to start functioning fully by the end of the year, with the
headquarters slated for opening in Shanghai. The chairmanship, with a
term of five years, will rotate among the members.”
“It's
hoped the new bank will stamp the growing influence of the BRICS. The
NDB is expected to become one of the world's key institutions, with a
stated capital of $100 billion. Each of the five-member countries is
expected to allocate an equal share of the $50 billion startup
capital that will be expanded to $100 billion. Russia has agreed to
provide $2 billion from the federal budget for the bank over the next
seven years.”
“The
bank, which will be able to start lending in 2016, will be open to
other countries that are members of the United Nations. The BRICS
share is never to decline below 55 percent, however. The money will
be used to finance development projects in the emerging economies.”
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The BRICS walk fast towards an
independent road, far from the absurd economic sadism of the West.
Countries that have been attacked by the international financial
mafia, like Argentina and Venezuela, are now see an alternative to
the economic dead end and exclusion.
Greece could play the BRICS
"card" alone, but it would be much easier to be done
together with the rest of the PIIGS. A coordinated strategy by the
PIIGS will probably force the eurocrats to retreat and make Europe
to change course. Otherwise, there will be no alternative for
PIIGS but to join BRICS!
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