May 12, 2015

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Russia invites Greece to join the BRICS-sponsored growth bank

Russia’s Deputy Minister of Finances Sergei Storchak has apparently invited Greece to join the new growth bank, comprised of Brazil, Russia, India, China and South Africa (or otherwise known as the “BRICS”).

Storchak, who spoke to the Athens-Macedonia News Agency earlier this week, argued that the goal of the BRICS-sponsored growth bank is to secure their credit autonomy and at the same time compete with the IMF and World Bank.

It should be noted that the bank currently has 50 billion dollars in capital, with a further 100 billion-euro foreign exchange reserve.

The Russian claims that by joining the venture, Greece will be able to fund a series of development projects. He also said that the country’s ties with Russia could be strengthened if the ruble be used for payment of goods and services.

Will Greece seriously consider the idea? No one knows, but Greek Prime Minister Alexis Tsipras has arranged to visit St. Petersburg in Russia between June 18th-20th, and from what is being reported he will be meeting with Russian President Vladimir Putin.

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