Pages

May 12, 2015

Filled Under: , ,

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.


If you enjoy HellasFrappe please help us continue maintaining the free flow of information. We need donations to continue operating, now more than ever. HellasFrappe is dedicated to bringing you up-to-date information on matters that concern Greece and the wider region. Our pursuit of truthful information is a constant and evolving journey. No amount is too small, or too big, it all counts.
The articles posted on HellasFrappe are for entertainment and education purposes only. The views expressed here are solely those of the contributing author and do not necessarily reflect the views of HellasFrappe. Our blog believes in free speech and does not warrant the content on this site. You use the information at your own risk.