Emerging countries to help the Eurozone. To be precise, these are the 5 BRICS countries (Brazil, Russia, India, China and South Africa) which, on a proposal from Brazil (which alone could make up to 10 billion dollars available), could create new funds provision of the International Monetary Fund to help Europe out of the debt crisis.
The finance minister of the South American country, Guido Mantega, will launch this proposal at a summit of the so-called BRICS to be held this week in Washington.
This was revealed by well-informed sources who prefer to remain anonymous. Even the Russian Finance Minister, Alexei Kudrin, seems generally in favor of such a proposal and says that countries that hold currency reserves of a certain size could assist European states in difficulty "under certain conditions".
The BRICS countries are already buying European debt securities through the EFSF. Brazil had already proposed the coordinated purchase of European bonds by the BRICS countries, but this hypothesis met with resistance from some emerging countries worried about the purchase of risky securities and doubtful about the effectiveness of such an action.
