Home » Posts tagged 'brics bank'
Tag Archives: brics bank
Russian Pivot: Greece Will “Probably” Join BRICS Bank, Official Says
Russian Pivot: Greece Will “Probably” Join BRICS Bank, Official Says
Greece has very little in the way of bargaining power with European creditors. Outside of gimmicks like tapping its SDR reserves, Athens has no cash to make payments to the IMF in June and, perhaps more importantly, there’s very little in the way of wiggle room when one looks at revenues versus spending (see below), meaning Greece will also struggle to pay public sector employees which, in combination with Greeks’ consternation about the safety of their deposits, could contribute to social unrest and put unwelcome political pressure on PM Alexis Tsipras and his Syriza party that swept to power just five months ago on a defiant (and apparently naive) anti-austerity platform.
The troika (and Germany) knows this of course and they are also acutely aware that Spain’s Podemos and Portugal’s Socialists are watching the Greek drama closely for the slightest indication of concessions from the IMF or from the EU. In other words, the standoff is now just as much about politics as it is about economics, and the ‘institutions’ do not want any Syriza sympathizers to be able to say that Greece made anyone blink by threatening an exit from the currency bloc. What all of the above means is that for better or worse, Greece has essentially no leverage because for many European officials, trading austerity concessions for the right to maintain the idea of euro indissolubility is no longer a desirable outcome as it could embolden anti-austerity governments in larger, more influential countries. All of that said, Greece still has one card to play: the so-called ‘Russian pivot’.
…click on the above link to read the rest of the article…
Cracks In Washington’s Empire
Cracks In Washington’s Empire
Washington’s EU vassals might be finding their backbone. Britain, Germany, France, and Italy are reported to have defied Washington’s orders and applied to join the Chinese-led Asian Investment Bank. Australia, Japan, South Korea, Switzerland and Luxembourg might also join.
Washington uses its development banks such as the Asian Development Bank, the World Bank, along with the IMF, in order to exercise financial and political hegemony. These banks are crucial elements of American economic and political imperialism.
The Chinese-led bank will, of course, be much more effective. The Chinese will use the bank to actually help countries and thereby make friends and grow trust, whereas Washington uses its banks for domination by force.
This new bank, together with the BRICS Bank, will provide countries with escape routes from Washington’s domination.
The Evil Empire is beginning to crack. It will crack more as the Russian-Chinese alliance unfolds its potentials and when European capitals understand that hegemonic Washington has put their existence at risk in order to try to prevent Russia’s rise. The crazed American and British neocon nazis, and their dupes among the populations, comprise the greatest human threat that the world has ever known. The sooner the Evil Empire collapses, the safer the world will be.
Here is the report:
http://thebricspost.com/eu-allies-defy-us-to-join-china-led-asian-bank/#.VQe4BCkRW-M
ECB Warns UK: Excluding Russia From SWIFT “Could Undermine Confidence In The Whole System”
ECB Warns UK: Excluding Russia From SWIFT “Could Undermine Confidence In The Whole System”
As “isolated” Russia signs a military deal with Cyprus, agrees bilateral trade with Greece, ratifies the $100 billion BRICS Bank, and offers to trade advanced anti-aircraft missiles to Iran, it seems threats of more sanctions against Putin and his nation are finding resistance from an unexpected place. With British PM David Cameron re-demanding that Russia be excluded from the SWIFT global financial payments system, none other than ECB Governing Council member Ewald Nowotny has exclaimed, “one has to be very careful here, exclusion of Russia from Swift would be very problematic because it could potentially undermine confidence in this system as a whole.”
As Der Standard reports (via Google Translate),
A SWIFT exclusion of Russia as a sanction against the EU-Ukraine Moscow because of the crisis had last been suggested by British Prime Minister David Cameron. Nowotny said he had spoken with EU Commissioner for Economic Affairs Pierre Moscovici… the question of the Russia-EU sanctions.“I pointed out that one has to be very careful here,” the governor said. Exclusion of Russia from Swift “we would see as very problematic because it could potentially undermine confidence in this system as a whole”.
Austria would advocate a pragmatic way. His warning was not so much related to Austria, but on the credibility of the SWIFT system. This international payment system should be a neutral service, Nowotny said.
For Austria exclusion of Russia from Swift would have no immediate effect. However, Russia could then put retaliation, “and, of course, would have implications for all companies doing business in Russia there”. But he assumed that it would not come to such a step. He would not comment on the sanctions, “only if sanctioned, this is not the appropriate field.”
…click on the above link to read the rest of the article…
De-Dollarization: Russia Ratifies $100 Billion BRICS Bank
De-Dollarization: Russia Ratifies $100 Billion BRICS Bank
A BRICS Bank – as an IMF alternative and to enable nations to become less dependent on the global reserve currency – was originally discussed at The BRICS Summit in 2012. Thenat the 2014 BRICS Summit, the framework for The BRICS Bank was approved as “a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies.” Headquartered in Shanghai and chaired by Russia, this week saw what appears to be the final step in the creation of BRICS New Deverlopment Bank as RT reports, The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa. It is expected to start fully functioning by the end of 2015. Isolated?
The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.
…click on the above link to read the rest of the article…
