BRICS countries dump the euro, establish bank

The grouping of the emerging economies – Brazil, Russia, India, China and South Africa (BRICS) – are cutting their foreign currency reserves in euro, having sold €45 billion of the currency in 2012, according to data gathered by the International Monetary Fund.

Leaders of the BRICS nations met at a financial summit in Durban, South Africa from 26-28 March 2013. Officially, the central theme of the meeting was “BRICS and Africa: Partnership for Development, Integration and Industrialisation”.

The Russian TV channel RT reported that the ‘big five’ of the developing world agreed to create their own version of the World Bank.

• Primary Source

ESO: Background Information: BRICS offer help to euro zone with strings attached http://www.europeansources.info/record/brics-offer-help-to-euro-zone-with-strings-attached/

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