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Brics countries discuss aid for eurozone
Business digest: Leading emerging economies may buy up the debt of eurozone countries
FINANCE ministers of Brazil, Russia, India, China and South Africa will meet in Washington next week to discuss how they can offer economic aid to European nations struggling with the eurozone debt crisis.
Brazilian finance minister Guido Mantega said: "We're going to meet next week in Washington and we're going to talk about what to do to help the European Union get out of this situation."
The so-called Bric nations, plus South Africa, have huge foreign exchange reserves. China has $3,200bn, while India and Brazil are sitting on $320bn and $350bn respectively.
The joint action planned by the Brics is not known, but a Brazilian newspaper reported that the countries might discuss investing in the sovereign debt of stronger eurozone economies such as Germany.
Read a full report at the Financial Times (registration required). ·
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why throw money into a black hole? let the Greeks go to work for once in their lives!