BRICS: Greece dominates the agenda in Ufa

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BRICS: Greece dominates the agenda in Ufa

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Security is tight and preparations are at their peak in the remote Russian city of Ufa, more than a thousand kilometres east of Moscow

Point of view

The ongoing crisis in the Eurozone poses a risk for everyone at this summit

Leaders of the world’s developing economies are gathering for a two-day summit for the world’s emerging economies, known to their friends as the BRICS.

Russian Economy Minister Alexei Ulyukayev told reporters that the subject of aid to Greece is not on the agenda. “However, what is being discussed,” he went on, “is the situation in the Eurozone triggered by the Greek debt problem. The ongoing crisis poses a risk for everyone at this summit.”

The BRICS - or Brazil, Russia,India, China and South Africa, are planning a development bank of their own.They will also sign off a 100-billion dollar currency reserve pool Reducing Western dominance of world financialinstitutions is a primary aim.

South African President Jacob Zuma was the first BRICS leader to arrive. Unity and solidarity are symbolically important for the host Vladimir Putin. Russia is suspended from the G8 over Crimea.

The BRICS account for a fifth of the world’s economic output and 40 percent of its population.