Print Samir N. Kapadia Read Full Bio Are BRICS Countries Bailing on the Dollar? At the last BRICS summit held in March in New Delhi, development banks of the participating countries agreed on a proposal to extend credit in local currency for trade, project financing and infrastructure projects. So far, no clear mechanism on how they will extend local currency credit has been announced. Some financial gurus even dismiss the BRICS agreement as purely symbolic. Yet banks in London, New York, Tokyo and Singapore would be wise to take a second look at what now could be the most significant agreement in international finance since the euro. 2 Jun 2012 Defense Cuts Will Make Or Break a Super Committee Budget Deal 26 Aug 2011 Peter Diamond: Third Time’s a Charm? 12 Mar 2011 NYSE: An American Icon ‘Sold to a Bunch of Foreigners’ 15 Feb 2011 Bernanke: 'It’s Entirely Unfair' to Blame Us for Rising Food Prices 5 Feb 2011 The Government Bubble: Crisis in Egypt Reveals Positions of Power 31 Jan 2011 Stop By Your Local Bank of China 21 Jan 2011 Facebook or Facecrook? IPOs Are a Thing of the Past 5 Jan 2011 No End to Pork Barrel Spending: Why We Are Going Broke 15 Dec 2010 Previous 1 2 Next
Are BRICS Countries Bailing on the Dollar? At the last BRICS summit held in March in New Delhi, development banks of the participating countries agreed on a proposal to extend credit in local currency for trade, project financing and infrastructure projects. So far, no clear mechanism on how they will extend local currency credit has been announced. Some financial gurus even dismiss the BRICS agreement as purely symbolic. Yet banks in London, New York, Tokyo and Singapore would be wise to take a second look at what now could be the most significant agreement in international finance since the euro. 2 Jun 2012
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