Friday, July 10, 2015

Meanwhile, Back to the BRICS

If the West was trying to divert media attention away from the BRICS Summit in Russia with the drama in Greece, they probably succeeded. All media eyes have been focused on what would happen with Greece and the Eurozone. Meanwhile, the BRICS Summit moved forward this week in Russia despite being somewhat ignored in the West.

Below are links to various media reports on the Summit. In general, they report the Summit nations are trying to present an image of the BRICS being a reasonable alternative to the Western dominated global financial institutions. Russia is also using the Summit to try and show the US effort to isolate them is not working. And the subject of Greece has also popped up.

After each link below is a brief quote from the article. 


"Even as Western countries and Japan continue the suspension of their 16-year collaboration with Russia in the G8, Russian President Vladimir Putin on Wednesday evening hosted a different group: leaders of the BRICS bloc of powerful emerging economies."

"A decade after the Kremlin pinched the BRICS idea from Goldman Sachs and reinvented it as a diplomatic club for emerging regional powers to challenge Western dominance of global economic institutions, the skeptics have been proven wrong. These BRICS are not made with straw and have not fractured from their considerable diversity or economic ups and downs."

"Russia said Greece could get financing from the New Development Bank operated by Brazil, Russia, India, China and South Africa (BRICS) if it buys a few shares of the institution to become a member. The bank, which is set to begin operations next April, is seen an alternative to Western financing."

"The summit meeting of the BRICS countries in Ufa (the capital of the autonomous republic of Bashkortostan in the Russian Federation) is significant for Moscow.
Just a few months after US President Barack Obama declared Russia “isolated” with its economy “in tatters,” President Vladimir Putin is welcoming the heads of state of China, Brazil and South Africa, India – as fellow BRICS members – and Pakistan."
"Leaders of the so-called BRICS countries are meeting starting Wednesday in Ufa, Russia. Here's what you need to know about these emerging market economies to follow the summit. "

BRICS Adopt Summit Declaration Document

"Leaders of BRICS countries, some of the world’s most important emerging economies, have adopted the Ufa declaration, the final resultant document of the summit on Thursday.
Following marathon rounds of talks, the five emerging powers signed a raft of inter-governmental agreements and the Ufa Communique.
The BRICS deliberations on the current global political and economic situation were reflected in the document."
We will do another blog article that is more in depth on the 2015 Ufa Summit Declaration Document this weekend.

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