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?
"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
Agnosticsherbet
(11,619 posts)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)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)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.
yurbud
(39,405 posts)Agnosticsherbet
(11,619 posts)What it will amount to is throwing another shark into the simming pool.
yurbud
(39,405 posts)yurbud
(39,405 posts)Blue_Tires
(55,445 posts)to that financial black hole? Once Greece fully stabilizes itself in a few years, then maybe...
BlueMTexpat
(15,349 posts)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.