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Archive for the ‘BRIC group’ Category

BRIC group takes a shot at USD supremacy

Posted by Kris Roman on June 22, 2009

bric-brazil-russia-india-china-bgBrazil and fellow up-and-coming economies Russia, India and China discussed how they could exert greater sway over the global financial system at their first summit in the Russian city of Yekaterinburg last week, but they surprised observers with toned-down talk about reducing the world’s reliance on the U.S. dollar.

Frustration at the dominant but unstable dollar as the world’s reserve currency had united the so-called BRIC grouping — an acronym coined to describe these four key emerging markets — in the first place, and motivated them to find a common base on which to capitalize on their own growing economic influence.

Brazil, China and Russia have all said they will purchase notes from the International Monetary Fund to begin diversifying their reserves away from the greenback.

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Shaping the future, BRIC by BRIC

Posted by Kris Roman on June 21, 2009

The time has come for Brazil, Russia, India and China to play a central role in a new global economy. That was the message of the debut summit of the so-called BRIC group, hosted in Yekaterinburg this week.

Hopes are high, and the leaders say their very first summit proved an even bigger success than they’d imagined.

“I think that the boost of development of the BRIC countries – Brazil, Russia, India and China – will continue to have a strong impact on the world’s economic development, industrial capacity and global security. The BRIC summit must create conditions for a much fairer world order and solve global problems” proposed Russian President Dmitry Medvedev.

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“BRIC countries are part of world financial crisis solution” – Brazilian FM

Posted by Kris Roman on June 16, 2009

The growth of the economies of Russia, Brazil, India and China will help the world cope with the financial crisis, said Brazil’s Foreign Minister in an exclusive interview with RT.

Celso Luiz Nunes Amorim talked about the future goals of the BRIC organization, Brazil’s role in it, and the pros and cons of a new global currency.

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