BRIC nations ‘to fight financial crisis together’
Those considering property for sale in Brazil could be interested to hear the Latin American country and its developing nation counterparts are to coordinate their actions to fight the global financial crisis, it has been reported.
According to the Brazil Arab News Agency (ANBA), dialogue has begun between the BRIC (Brazil, Russia, India and China) nations and Mexico and South Africa.
Finance minister Guido Mantega told reporters he is working with his counterparts from the nations alongside the governors of central banks to come up with solutions.
"The BRICs have decided to coordinate their actions, improve their economic relations, exchange information and expand the potential of their activities," the minister told a press conference.
He added that more solid rules are needed to control international financial crises and introduce more inspection and a greater transparency in organisations.
Meanwhile, the BuyAssociation claimed this week that the Brazilian property market is biting back despite the credit crunch.
