BRICS Ready to Help Protect Euro, Russia’s Medvedev Says

The BRICS group of emerging economies is ready to help protect the euro, and expects to get more voting rights at the International Monetary Fund, Russian President Dmitry Medvedev said today.

“We have to help preserve one of the world’s leading currencies,” Medvedev told a news conference in Cannes, France, where he is taking part in the Group of 20 summit. “We are all interested in preserving the euro, not just the Europeans, the Russian Federation, China and other countries.”

BRICS countries are seeking to establish a common position on Europe’s debt crisis, Arkady Dvorkovich, Medvedev’s chief economic aide, told reporters earlier today in Cannes after a meeting of the five major emerging markets that belong to the group. Brazil, Russia, India, China and South Africa said last month they may support world financial stability through the IMF and other global organizations.

BRICS nations would contribute to an assistance package to Europe in line with their current voting rights in the IMF, Medvedev said. In return, they expect Western powers to give them a bigger say at the Washington-based lender, he added.

“We would like previous agreements on revising quotas and the management of the IMF to be implemented in full, concerning the Russian Federation and our partners,” Medvedev said.

Russia is prepared to help Europe cope with its debt crisis by making as much as $10 billion available through the IMF and hasn’t ruled out offering bilateral help to European Union nations, Dvorkovich told reporters in Moscow on Oct. 31.

“It’s premature to speak of figures” for total BRICS assistance to Europe, Medvedev said today, adding that discussions on the issue were continuing.

To contact the reporter on this story: Henry Meyer in Cannes at hmeyer4@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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