Emerging Countries to Discuss Europe’s Debt Crisis

For the Brics, the world has changed, five major emerging countries (Brazil, Russia, India, China, South Africa), will meet next week to see how they can help the euro area to overcome its current crisis.

“The Brics will meet next week in Washington and we will discuss how to help the EU out of this situation,” said Tuesday, September 13 the Brazilian Finance Minister Guido Mantega.

A meeting of the International Monetary Fund, which must meet the Brics, is scheduled Thursday, September 22. According to the Brazilian newspaper Valor, one of the tracks being considered is to increase international reserves of emerging countries in euro-denominated securities. But these acquisitions would be limited to the titles of the strongest countries such as Germany, according to the business daily.

A Kremlin source said that Russia was studying requests for assistance on an individual basis, not as part of the Brics.