Tuesday, May 31, 2011

France BRICS up emerging economies

Russia, India and China, core members of the BRICS grouping also comprising Brazil and South Africa, have joined with Western countries that have closed ranks and staked their claim in unseemly hurry to keep the top International Monetary Fund job as their exclusive preserve, in the form of French Finance Minister Christine Lagarde. The saga has badly bruised BRICS and dented its credibility. Read my article in Asia Times on how the BRICS countries easily capitulated when confronted with the western challenge for the top post in the International Monetary Fund...

1 comment:

Johan said...

‘Underlying it all is post-Soviet Russia's craving to be "accepted" as an "equal" member of the Euro-Atlantic community. Whether Russia entered into a Faustian deal over some issue of vital interest to it remains unclear, but it shouldn't come as a surprise, either.’

How true! One cannot help wonder, what specifically is that the present Russian government hopes to obtain from the transaction? The overall picture a casual observer gets, is that the Russians are very much the asking side.

An all-encompassing puzzle is whether return of Putin presidency would or would not make an iota of difference.