Putin sees no special role for BRICS in debt crisis

11th October 2011, Comments 0 comments

Russian Prime Minister Vladimir Putin said Tuesday that he did not see a special role for the BRICS group of leading emerging economies in solving the European debt crisis.

Putin said on a visit to China that he fully supported European attempts to recapitalise major banks and felt that EU states had the political will to come up with a decisive rescue plan.

"Obviously there are debt problems, which come from a lack of financial discipline. But today, this is more of a political than a financial problem," Putin told Chinese media in comments published on the government's website.

"By the way, I do not think that the BRICS nations have any special role to play here," Putin added. "The major powers of Europe have the resources to solve these problems."

The BRICS nations -- which besides Russia and China include Brazil and India along with recent addition South Africa -- have been trying to coordinate their policies in response to the global economic slowdown.

Brazilian Finance Minister Guido Mantega suggested in September that the group was ready to step in together in a bid to help rescue Europe while China has mulled the option of buying debt in nations such as Italy.

Russian officials have previously dismissed the notion of the BRICS making joint debt purchases while noting that Moscow intended to expand its eurozone holdings in the months to come.

President Dmitry Medvedev's said on Tuesday that Russia could purchase Spanish state obligations as a soon as a European rescue package was formally approved by the EU.

© 2011 AFP

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