Data provided by iNet BFA
Loading...
See More

Brics want IMF reform for eurozone aid

Nov 07 2011 11:12 Reuters

Related Articles

SA’s place in Brics gets a boost

Clinton: US must learn from Brics

Marcus: SA can't bail out eurozone

Brics bourses reveal cross-listing plan

Marcus: Think before bailing out eurozone

India says EU, US must resolve debt mess

 
Moscow - Major emerging economies are ready to provide financial help to the eurozone via the International Monetary Fund but in return want commitments to reform the IMF to be implemented, Russian Foreign Minister Sergei Lavrov said on Monday.

The so-called Brics nations “are ready to take part in joint efforts, including the provision of credits, under those rules and channels that exist in the International Monetary Fund”, Lavrov told a news briefing in Moscow.

Lavrov spoke before IMF managing director Christine Lagarde was due to meet President Dmitry Medvedev in Moscow for talks expected to focus on how cash-rich emerging economies can support Europe’s struggle to contain its sovereign debt crisis.

His comments reinforced the joint position towards managing the eurozone sovereign debt crisis taken by the Brics - Brazil, Russia, India, China and South Africa - at last week’s Group of 20 summit in Cannes, France.

They also reflected the aversion of Russia, holder of the world’s third-largest foreign exchange reserves, to directly supporting the eurozone’s common bailout fund, the European Financial Stability Facility (EFSF).

“It will hardly be possible by simply handing out money to resolve problems that are systemic in character and which affect the financial stability and integrity not only of the eurozone but of the global financial system,” Lavrov said.

“Recent events show that the consequences of the 2008 crisis have not passed and that the work started by the G20 right after the crisis has not been finished.

“This work needs to be completed - above all concerning the full implementation of agreements that were reached earlier on the deep reform of the International Monetary Fund and the international financial system as a whole.”
efsf  |  emerging economies  |  europe debt crisis  |  greece  |  brics
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
12 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Savings survey not realistic

Fin24 readers respond to an in-house survey, which found that 60% of readers were confident that they would be financially comfortable in their retirement.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...