The future of the BRICS pact
Details: Turkey is applying to join BRICS
Turkey has applied for membership in the Brics pact, sources told Bloomberg.
- Of course we would like to become members of Brics. We'll see how it goes this year, said Foreign Minister Hakan Fidan during a visit to China in early June, according to the South China Morning Post.
According to the sources, the application was submitted a few months ago.
Today Brics consists of the nine member countries Brazil, Russia, India, China, South Africa, the United Arab Emirates, Egypt, Ethiopia and Iran.
Details: Turkey is applying to join BRICS
Turkey has applied for membership in the Brics pact, sources told Bloomberg.
- Of course we would like to become members of Brics. We'll see how it goes this year, said Foreign Minister Hakan Fidan during a visit to China in early June, according to the South China Morning Post.
According to the sources, the application was submitted a few months ago.
Today Brics consists of the nine member countries Brazil, Russia, India, China, South Africa, the United Arab Emirates, Egypt, Ethiopia and Iran.
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Argentina's financial crisis
Argentine state starts own currency in protest
The Argentine governor Ricardo Quintela of the state of La Rioja decided to print his own currency to save the local economy. That's what Bloomberg writes in a report.
After President Javier Milei rolled out his shock therapy, the monthly government payment to the states was cut and La Rioja quickly sank into deep recession and the state went bankrupt. The governor offered all public employees 50,000 in the new currency "chacho" - equivalent to around 400 kroner - and urged local business people to accept the currency.
The ultra-liberal Milei – true to his ideology – has said he will not ban the currency.
Argentine state starts own currency in protest
The Argentine governor Ricardo Quintela of the state of La Rioja decided to print his own currency to save the local economy. That's what Bloomberg writes in a report.
After President Javier Milei rolled out his shock therapy, the monthly government payment to the states was cut and La Rioja quickly sank into deep recession and the state went bankrupt. The governor offered all public employees 50,000 in the new currency "chacho" - equivalent to around 400 kroner - and urged local business people to accept the currency.
The ultra-liberal Milei – true to his ideology – has said he will not ban the currency.
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Swedish inflation
The Governor of the Riksbank: The world can surprise – we are cautious
Riksbank Governor Erik Thedéen reiterated his belief that his central bank will cut three more times this year, during a speech at Länsförsäkringar. When asked what speaks for three reductions instead of two, he replies to TT that:
- If the forecasts hold true, during the autumn we will be even more confident that inflation is not only in line with the target, but will develop in line with the target. And then I thought it seems more likely that we will end up with three reductions, says Thedéen and emphasizes that it was his personal opinion in connection with the last interest rate meeting.
Why the Riksbank has a cautious approach to double bailouts, Thedéen answers that the outside world can quickly surprise and "that speaks for moving forward cautiously".
The Governor of the Riksbank: The world can surprise – we are cautious
Riksbank Governor Erik Thedéen reiterated his belief that his central bank will cut three more times this year, during a speech at Länsförsäkringar. When asked what speaks for three reductions instead of two, he replies to TT that:
- If the forecasts hold true, during the autumn we will be even more confident that inflation is not only in line with the target, but will develop in line with the target. And then I thought it seems more likely that we will end up with three reductions, says Thedéen and emphasizes that it was his personal opinion in connection with the last interest rate meeting.
Why the Riksbank has a cautious approach to double bailouts, Thedéen answers that the outside world can quickly surprise and "that speaks for moving forward cautiously".
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