Wednesday, June 11, 2014

BRIC's Summit coming up in July

The summit is scheduled for July 14-16 in Brazil with South American leaders set to attend. Argentina had expressed interest in joining the BRIC's but they do not intend to expand beyond the five nations for now.

The new reserve contingency fund is scheduled to be setup and more details on the BRIC bank will be released. The BRIC nations have over 43% of the world population and a combined $4.4 Trillion in currency reserves.

Here are a few paragraphs from the article:

"As part of a BRICS outreach strategy to emerging economies, a working session will be held on 16th July between the heads of states of BRICS and their counterparts from the governments of South American nations."

"The $100 billion Contingency Reserve Arrangement (CRA) will be launched at this year’s Summit and final details of the New Development Bank (NBD) will also be unveiled."

In the Durban Summit last year, leaders from Brazil, Russia, India, China and South Africa had approved a $100 billion fund to combat currency crises."

“The establishment of a self-managed contingent reserve arrangement would have a positive precautionary effect, help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability,” South African President Jacob Zuma said after the five BRICS leaders met in Durban in March."

"Developing nations have long complained that the World Bank and International Monetary Fund are failing to address underdevelopment and Western nations have too much say over the management of these institutions."

"The BRICS Bank’s start-up capital of $50 billion would eventually be built up to $100 billion. Russia has proposed that each member contributes an equal, 20 per cent share. All the members of BRICS except Brazil has proposed to host the Bank."

"Meanwhile, South American nations are also jointly exploring the creation of a communications system to curtail US spying in the region."

"Latin American countries raised a storm of protest after, according to US NSA leaks by former contractor Edward Snowden, the agency spied on an array of nations in the region, including Brazil.
The meet in Brasilia with a congregation of BRICS and South American leaders in attendance could call for an end to mass surveillance like the one carried out the US intelligence agency and gross invasions of privacy."

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