— #όχι Милош Обилић (@Milos1389Obilic) July 6, 2015
In a July 1st article on The BRICS Post site, entitled “$100bn BRICS monetary fund to be operational in 30 days,” a Greek commenter turned what should have been a standard press piece highlighting what is in essence the completion of the $100 Billion fund, into a plea for help, and search for hope, for a country that has been so beaten and battered by the EU, ECB and IMF that the dream of Euroasia looks brighter than ever before.
Keep in mind that Greece is holding talks with other BRICS members on possible membership, with more concrete news most likely due on July 9 and 10 during a major BRICS summit in Ufa, Russia.
Via the BRICS Post…
The $100 billion BRICS Contingency Fund, that leaders from Brazil, Russia, India, China and South Africa had approved last year to combat currency crises, will be operational in 30 days, the Brazilian Foreign Ministry said on Tuesday.
Lawmakers from all five countries have now ratified their participation in the agreement.
China will provide the bulk of the funding with $41 billion, Brazil, Russia and India with $18 billion each, and South Africa with $5 billion.
“The agreement aims to provide temporary resources to BRICS members facing pressure in their balance of payments. This instrument will contribute to promoting international financial stability, as it will complement the current global network of financial protection,” the Brazilian Foreign Ministry said in a statement.
Meanwhile, the $100 billion development bank, funded by BRICS countries, will offer loans to other middle- and low-income countries.
Membership of the BRICS Bank will be open to all members of the United Nations, subject to agreement from the bank’s board of governors, China’s Vice Finance Minister Shi Yaobin said last month.
“The establishment of the BRICS bank is a landmark event in financial cooperation, which will promote the BRICS countries and other emerging markets, and infrastructure construction and sustainable development in developing countries,” said Yaobin.
“The promotion of reform in global economic governance has important and far-reaching significance,” he added.
As the BRICS countries prepare to launch new financial institutions like the $100 billion BRICS Bank, the China-led Asia Infrastructure Investment Bank, and a $100 billion BRICS currency reserve fund, the IMF has once again delayed voting reforms to give emerging countries greater say.
Comment from Eva Tsiliakou…
I come from Greece and I presume you are aware of our struggle to stop austerity measures that have destroyed our country. We were extremely happy when we read that our country was invited to join your bank. It’s two days before our plebiscite and the whole Europe seems to try and sway us to vote for YES. Their latest trick (?) is to say that Rusia denies that they ever invited us to join BRICS. I hope you understand that we desperately need to keep up our hopes that we can have a different future; one of self respect, dignity, progress and a brighter future for our children here in Greece and not abroad (as my sons are at the moment).
If you are indeed on our side I implore you to express it in public in any way you feel appropriate (I can understand that diplomacy sets certain limits to everything you say)
Thank you in advance from the bottom of my heart
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.