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Brics May Aid Euro
| International News by Staff ReporterThe Brics nations will discuss a joint package in aid of the euro
A Brics aid package may be on the cards for countries in the European Union (EU) stricken with debt in the ongoing eurozone crisis.Various officials from the Brics group of large emerging economies will next week meet in Washington, United States, to discuss the possibility of a joint action in aid of the European debt crisis.
The finance ministers and central bank governors of the Brics nations will discuss the buying of bonds in order to aid the affected countries.
South African officials, however, have warned that SA might not partake in the buying of bonds as the county lacks the reserves.
“SA is not part of that market at the moment and it’s the big countries, who have $3,2-trillion in reserves,” said SA finance minister Pravin Gordhan. “We are Mickey Mouse compared to that.”
News of a Brics aid package, coupled with the announcement that the European Commission would present options fore a common eurozone bond, temporarily lifted European markets on Wednesday.
Source: www.bizpremises.co.za
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