BRICs mull rival to IMF, World Bank

[url]http://www.reuters.com/article/2012/03/29/india-brics-idUSL3E8ET2VH20120329]BRICS flay West over IMF reform, monetary policy[/url]
Reuters version, no excerpt

BRICs mull rival to IMF, World Bank
Canadian version,less troll headline

The proposal for a new development bank is one of many to be discussed by the five fast-growing nations known as BRICS when they meet for their fourth summit Thursday in New Delhi.

Brazil, Russia, India, China and South Africa account for 45 per cent of the world's population and a quarter of the economy at $13.5 trillion US.

Increasingly crucial for world growth as flagging Western economies skimp on imports and aid, the BRICS have long argued for more influence in and reform of Western institutions. Such organizations for decades have dominated global aid and trade policy but made patchy progress in meeting goals like eradicating poverty.

President Barack Obama's decision last week to continue the tradition of nominating an American as World Bank chief — over candidates from other nations as the BRICS had wanted — may add to momentum for an entirely new alternative.

A new international lender could rival the World Bank and Asian Development Bank, which focus on lending to poor nations to help speed their development and reduce poverty. It's unclear if it could also participate in bailing out countries in crisis — a function that's largely the domain of the International Monetary Fund.

let them. the only sticky point would be in getting them on board for squeezing the iranians and the like.

Brazil, Russia, India, China and South Africa account for 45 per cent of the world's population and a quarter of the economy at $13.5 trillion US.

Kewl.
So if we sold off the economies of Brazil, Russia, India, China and SA, we could be at debt levels not seen since the Reagan administration ...