Negotiations to launch new BRICS bank hit snag - source

[Beidou2020]

Got an easy solution... make HQ in a non-BRICS country!

Yes.

US is a suitable country.

Back to square one.

No wonder the West dominates. The non-western countries are full of morons.

 

[DesiGuy]

Since they can't decide, have the bloody bank on Mars!

Idiots! Wasting precious time on such mundane issues!

i think its the indian side making it an issue this time. If brazil and russia got no problem, india should just back down.

 

[Beidou2020]

i think its the indian side making it an issue this time. If brazil and russia got no problem, india should just back up.

Why does India have an issue?
Because of its jealousy towards China.
Simple.

Russia, Brazil, South Africa are ok with China but Indian jealousy towards China means BRICS will achieve nothing.

 

[ephone]

In addition, each pay the 20% share and please do not ask China to pay a single cent more.

After that, China is happen to take the 20% share of rights.

Got an easy solution... make HQ in a non-BRICS country!

 

[Beidou2020]

In addition, each pay the 20% share and please do not ask China to pay a single cent more.

India wants all Chinese money but Indians want all the benefit.

 

[ephone]

That is where the survival city is in the movie 2012, right?

Russia and India are ok with Sanghai it seems. Wonder who's objecting - I guess South Africa..

I do not think China wants a bigger share. It is the other way around. Those other BRICS countries asking China to put out more $ into the bank.

China is glad to have her 20% share with 20% of payments as well.

China is looking for a bigger share and what to Dominate BRICS , Rather unnecessary problem ..

 

[Beidou2020]

China has the largest reserves thus if China can only contribute 20% of the money, then the total reserves of the bank will be small as other BRICS don't have very large reserves to pour into the BRICS bank.

Only way to challenge IMF and WB is to have equal reserve pool for the BRICS bank. But that can't happen if China is not getting higher share of voting power.

BRICS bank = failed concept.

 

[pher]

Russia and India are ok with Sanghai it seems. Wonder who's objecting - I guess South Africa..

Part of South Africa's share will be undertaken by China, thus it has no intention and power to object. This must come from India's false ego.

 

[acid rain]

Part of South Africa's share will be undertaken by China, thus it has no intention and power to object. This must come from India's false ego.

loll, I mean you dont expect a easy walkthrough in negotiations...right? wont the others object if no one raises an objection. What happens tomorrow if china screws up? at least we can say "we told you so".

 

[Tshering22]

The share each country receives depends on how much money they put in.

China, with our $4 trillion in currency reserves, can afford to put in the most.

But since some of the other BRIC members don't want influence in the bank to be skewed towards us, we'll reduce our contribution to be more in line with the others. Which weakens the bank overall, but what can you do.

No. The whole point of BRICS is to have equal say for all countries for a present agreed amount to be made available.

I honestly think to avoid the whole India versus China dispute in this, the bank must be located in South Africa.

It is a peaceful nation also located in Africa which has significant number of nations that will use the bank.

 

[55100864]

I can never understand what makes South Africa a member, just because we need one to represent African continent?? BRIC sounds just fine.

 

[Tshering22]

India wants BRICS to be about themselves and use Chinese money to achieve it. They want our money but they want to have the HQ of the bank, they want an Indian to be president of the bank, they want to undermine China and thus the group itself.

It's impossible to get anything done with these Indians.

Hold onto your horses sonny. The bank is not going to be a second Chinese Hq for everything in your interests. Remember, that this is about giving a chance to others who have been fed up of Bretton woods system.

If you were thinking that by putting in a huge money this was going to become another WB or IMF, then sorry to say that this is not the point of this bank at all.

Since we have issues now, we can agree having the bank in Brazil itself with other 4 nations having associate offices for their continents.

 

[Abhishek_]

I'd personally like Brazil to have the HQ.
And Equal funding and voting.

 

[notgoodenough]

You clearly have no idea what you are talking about. The deal has been signed. The headquarters will be in Shanghai. Every participant will invest an equal amount.

BRICS establish $100bn bank to cut out Western dominance — RT Business

China has the largest reserves thus if China can only contribute 20% of the money, then the total reserves of the bank will be small as other BRICS don't have very large reserves to pour into the BRICS bank.

Only way to challenge IMF and WB is to have equal reserve pool for the BRICS bank. But that can't happen if China is not getting higher share of voting power.

BRICS bank = failed concept.

 

[Jlaw]

This is why BRICS concept will never work. The West was correct all along. It's just a feel good concept but not very practical in reality. BRICS members are full of fear and jealousy towards the other. Each don't want the other to dominate but it's very difficult to have a leaderless group. India don't want China to dominate but without Chinese presence and contribution in BRICS, the entire concept becomes irrelevant.

G7 is led by the US.

BRICS is a total failure. It's just a forum to shake hands and hug each other but nothing else.

China has enough to finance their own bank with $100b. I don't see why they need to include other BRICS other than good gesture.

I can never understand what makes South Africa a member, just because we need one to represent African continent?? BRIC sounds just fine.

Affirmative action has gone viral

You clearly have no idea what you are talking about. The deal has been signed. The headquarters will be in Shanghai. Every participant will invest an equal amount.

BRICS establish $100bn bank to cut out Western dominance — RT Business

Doomed to fail.

"The BRICS bank will be headquartered in Shanghai and India will preside as president the first year."