14 June 2013

Russia Calls For IMF Overhaul

The BRICs can call for whatever they wish, but until they find some way to apply more effective pressure on the Anglo-American banking cartel and their politicians, they are not going to get much of anything.

Their own people cannot get much of anything in the way of reform in the status quo. 

Russia’s Putin Calls for IMF Overhaul, Bigger Role for BRICS

MOSCOW, June 14 (RIA Novosti) – Russia will use its presidency of the G20 to push for a radical overhaul of the International Monetary Fund and changes to its voting system to give developing economies a stronger voice, President Vladimir Putin said Thursday in an interview with RIA Novosti.

“The IMF frequently fails to keep up with the rapidly changing situation in global finance – first and foremost, in making effective and timely decisions,” Putin said in answers to written questions, adding that the decisions’ “implementation leaves much to be desired as well.”

Russia currently holds the rotating presidency of the G20, a formal grouping of the world’s 20 most powerful economies, and will lead the G8, a group of the world’s eight richest countries, in 2014.

Putin did not call for the outright dissolution of the IMF, but argued that the organization must adjust to “current economic realities” and said it was time to consider the issue of its “overall reorganization.”

In particular, he said that the voting system used at the IMF to determine policy should be changed to “enhance the role of developing countries,” with new weight given to the so-called BRICS group of Brazil, Russia, India, China and South Africa...

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