In These New Times

Business Live

13th September, 2011
The BRICS group of emerging markets may ramp up holdings of euro-denominated bonds in an effort to help European countries stuck in a sovereign debt crisis, Brazilian newspaper Valor Economico reported on Tuesday, citing an unnamed official.

There was still “no firm dialogue” about that possibility, the newspaper said, noting that purchases may be limited to debt from the more financially solid European nations.

A decision could be taken later this month when finance ministers and central bank presidents from Brazil, Russia, India, China and SA meet in Washington, the newspaper added.

Brazil’s finance minister, Guido Mantega, said the BRICS nations would discuss the eurozone problems next week.

“We’re going to meet next week in Washington and we’re going to talk about what to do to help the European Union get out of this situation,” Mantega was quoted as saying.

However, central banks in Brazil and SA declined to comment on the story, the newspaper said.