Tuesday, March 26, 2013

BRICS Nations Plan New Bank to Bypass World Bank, IMF


The BRICS nations [Brazil, Russia, India, China and South Africa] , which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world's population, are seeking greater sway in global finance to match their rising economic power.

They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.