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27 September 2011, BBC News

Viewpoint: Brics bailout of Europe is unlikely

BBC News published a feature written by Gateway House’s Head of Research, Akshay Mathur, in their Asia business section. Mathur writes on the the financial crises in Europe and the possibility of the BRICS countries playing an active part in the European bailout.

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Consider a situation when the richest families in your city, unable to meet the expenses of their high standard of living and unable to agree among themselves on a future direction, ask you, a lower middle-class citizen, for a loan.

The amount required is not fixed, the guarantee of return not certain, but the virtue of saving your city is visibly high, even though you are having trouble making your own ends meet because the situation was created by the rich in the first place.

This is exactly what the idea of the “Brics” – the collective name for the world’s fastest-growing large economies: Brazil, Russia, India, China and (sometimes) South Africa – bailing out Europe’s troubled economies sounds like.

 



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