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yurbud

(39,405 posts)
Fri Jul 3, 2015, 03:47 PM Jul 2015

Russia hasn't offered Greece BRICS bank membership: finance minister (yet?)

...yet.

What will happen if the BRICS bank gets up and running and they offer terms don't run this kind of bust out scam on countries that Western banks have?

MOSCOW (Reuters) - Russia has not offered Greece to become a member of the New Development Bank that is being created by the BRICS group of five major emerging nations, Finance Minister Anton Siluanov said on Thursday.

"We have not offered (membership to Greece)," Siluanov told journalists.

In May, Russian media reported that Deputy Finance Minister Sergei Storchak offered Athens to become the sixth member of the New Development Bank that is being formed by Brazil, Russia, India, China and South Africa.

Leaders from the BRICS countries are meeting at the group's annual summit next week in Russia where they are expected to officially launch the bank, along with a joint currency reserve fund.

http://news.yahoo.com/russia-says-not-offered-greece-brics-bank-membership-121658103--business.html
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Russia hasn't offered Greece BRICS bank membership: finance minister (yet?) (Original Post) yurbud Jul 2015 OP
The BRICS bank is a political tool to counter US influence Agnosticsherbet Jul 2015 #1
the motive doesn't matter--only the terms yurbud Jul 2015 #2
I think the motive is everything. Agnosticsherbet Jul 2015 #4
also with a true competitor Western banks might act less like thugs and con men yurbud Jul 2015 #3
That assumes that the BRICS bank is not a thug or a con. Agnosticsherbet Jul 2015 #5
they won't get many customers that way. yurbud Jul 2015 #6
So you admit that there's a serious problem with the way Western banks do business? yurbud Jul 2015 #9
and why the hell would they give memebership Blue_Tires Jul 2015 #7
The ADB is already up and running ... BlueMTexpat Jul 2015 #8

Agnosticsherbet

(11,619 posts)
1. The BRICS bank is a political tool to counter US influence
Fri Jul 3, 2015, 03:51 PM
Jul 2015

It will be every bit as scammy as those operated by the west if that is what it takes.

All Greece would do is to change masters.

yurbud

(39,405 posts)
2. the motive doesn't matter--only the terms
Fri Jul 3, 2015, 03:58 PM
Jul 2015

BRICS would have to offer better to terms to lure countries away from Western banks, and if they were thinking long term, they would plan for their clients success rather than taking them over economically.

Agnosticsherbet

(11,619 posts)
4. I think the motive is everything.
Fri Jul 3, 2015, 04:07 PM
Jul 2015

The strings attached to such an offer will ultimatly be as harsh as those attached by Greeces current creditors, the repayment would just be delayed.

Agnosticsherbet

(11,619 posts)
5. That assumes that the BRICS bank is not a thug or a con.
Fri Jul 3, 2015, 04:09 PM
Jul 2015

What it will amount to is throwing another shark into the simming pool.

Blue_Tires

(55,445 posts)
7. and why the hell would they give memebership
Fri Jul 3, 2015, 06:34 PM
Jul 2015

to that financial black hole? Once Greece fully stabilizes itself in a few years, then maybe...

BlueMTexpat

(15,349 posts)
8. The ADB is already up and running ...
Sat Jul 4, 2015, 08:04 AM
Jul 2015

but Greece would have to be reclassified as an Asian nation. http://www.adb.org/

Both the ADB and the proposed BRICS bank or NDB (http://ndbbrics.org/) are seen as countermeasures by China & Russia to the power of the "Troika" (the World Bank, IMF, & the European Central Bank). http://www.marketoracle.co.uk/Article51316.html

When even the IMF admits that Greek debt restructuring is necessary (http://www.theguardian.com/business/2015/jul/02/imf-greece-needs-extra-50bn-euros), the Troika might just be doing itself in to insist on austerity.

Austerity policies only benefit the One-Percenters.

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