«Disobedience Brix» .. setting up a fund reserves amounting to 100 billion dollars to dispense «IMF»

July 17, 2014 9:33 Last Updated: July 17, 2014 9:33 Source: Live



And became for the G «Brix» (Brazil, Russia, India, China and South Africa) copied alternative for the International Monetary Fund and the World Bank, after deciding the group's leaders set up a fund for reserves hundred billion dollars, and a development bank for fifty billion dollars, in the biggest challenge to Western capitalism of the Second World War .

According to the opinion, it came in the final statement of the summit for the sixth Group countries, which was held in Fortaleza in Brazil that the president's first «Development Fund's New» will be an Indian.

And opened the leaders of emerging countries in the BRICS group Tuesday at their annual summit Brazil sixth on its agenda in order to set up a new bank for development and fund reserves. And received Brazilian President Dilma Rousseff, the leaders of Russia, India, China and South Africa in the tourist resort of Fortaleza (northeast) to announce the establishment of these two institutions fiscal.




The summit was held Tuesday in Brazil in order to approve the creation of a reserve fund and the bank are a pillar of independence about the financial institutions that are dominated by the West, namely the International Monetary Fund and the World Bank.

The leaders will try to Brazil, Russia, India, China and South Africa consensus on a new financial architecture, which is an old idea a new focus for the countries of this club, which represents forty percent of the world's population and a fifth of total internal its output.

And promised President of Brazil Dilma Rousseff laid the foundation stone for the «new development bank» and «an agreement on the reserve (cash)» and that «during this summit will be set up Monday».

And began working meetings in the resort of Fortaleza (north-east) and then will end in Brasilia Wednesday, two cities were placed under the protection of 6,400 military personnel in the country is in danger of social atmospheres charged after the World Cup football.



It will be the capital of the bank «Brix» which aims to finance infrastructure, worth fifty billion dollars provided by the members of the group evenly over seven years.

The finance minister said the Brazilian Mauro Borges «It's the key to promoting the growth of BRICS» while the rate of growth in emerging countries, particularly the decline in Brazil and Russia, where the rate will reach one percent this year.

It was decided that the agreement provides a cash reserve about a hundred billion dollars, of which 41 and 18 provided by China, Russia and Brazil, India and five from South Africa, which is a guarantee in the event of a cash crisis without resorting to the International Monetary Fund and the World Bank.

The analyst said the Brazilian director of the Center Marcus Troyjo «Periclab» Research Center at Columbia University in the U.S. high-end, told AFP that «the establishment of a new bank is an important step for the development of improved standing of the BRICs».

The expert explained that sees opportunity in front of Brix «which demonstrate their ability to deliver» that this new system «Council is ready to compete with traditional institutions», but «aims to« play an integral role for organizations that take from the Washington-based ».

It is a challenge because the tensions are still strong within the group in order to get the bank's headquarters the next, especially as South Africa insists that will be in Johannesburg, while it seems that Russia wants to be in Shanghai, although it may be to the chagrin of India wary of Chinese domination on the institution.

It is expected that members of the BRICS to reach consensus on the condemnation should not be represented as in the Bretton Woods institutions.

In an interview published by ITAR - TASS criticized Russian President Vladimir Putin «slowdown unreasonable» to reform the International Monetary Fund aimed to intensify their right to vote.

And hopes to return to the Russian president in the midst of an international summit Ukrainian crisis, in the approval of its partners in the battle for the «new multi-polar world».

Putin said that the summit took the opportunity to tour the Brazilian wider from Cuba to Argentina, «we must think together in a system of measures preventing harassment states that differ in opinion with the decisions of the United States and its allies».

He called on the leaders of a number of South American countries who criticize the dominance of Washington, to join the meeting emerging countries, which will be transformed into a special summit Thursday with China, which last year put about twenty percent of their investments in that region.


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