FRANKFURT (MNI) – The so-called BRIC countries including Brazil,
Russia, India and China are paying the price for Europe’s go-slow
approach to its sovereign debt crisis, Brazilian Finance Minister Guido
Mantega said over the weekend.
Mantega told German business daily Handelsblatt that “we are all
suffering from the weak growth of Europe.”
“Due above all to the crisis in Europe, Brazil has hardly grown for
a year,” he lamented. “In China and India too the economy is being
thwarted.”
Although Europe is addressing its problems, “it is taking too long
until everything kicks in,” Mantega said. He urged, for example, that
the creation of a centralized Eurozone banking supervisory body be
accelerated. “There is no sense in waiting until everything is perfect,”
since the crisis just gets worse and worse, he said.
Mantega said that the BRIC countries are ready to help Europe with
billions in loans if Europe is willing to concede the BRICs more say in
the IMF.
“At the moment there is a certain isolation of Europe taking place,
which makes the resolution of the crisis more difficult,” he said.
–Frankfurt bureau tel: +49-69-720-142. Email: dbarwick@mni-news.com
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