Brics leaders agree to set up $100 billion ‘financial safety net'

brics

The leaders of Brazil, Russia, India, China and South Africa said today at their summit in Durban they have directed their finance ministers and central banks to continue work towards setting up a contingent reserve agreement, initially sized at $100 billion.

The Brics nations first launched the project in June 2012 at their meeting in Los Cabos, to provide a 'financial safety net' for the five countries' economies as and when they come under pressure.

They said today they had concluded such a

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