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BRICS: The World's New Banker?

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WORLDS NEW BANKER
Brazilian President Dilma Roussef (L to R), Russian President Vladimir Putin, Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao and South African President Jacob Zuma join their hands during a BRICS's Presidents meeting in Los Cabos, Baja California, Mexico on June 18, 2012 before the opening of the G20 leaders Summit. (ROBERTO STUCKERT FILHO/AFP/GettyImages) | Getty Images

The BRICS (Brazil, Russia, India, China and South Africa) bloc has begun planning its own development bank and a new bailout fund which would be created by pooling together an estimated $240 billion in foreign exchange reserves, according to diplomatic sources. To get a sense of how significant the proposed fund would be, the fund would be larger than the combined Gross Domestic Product (GDP) of about 150 countries, according to Russia and India Report.

Read the whole story at The Diplomat