As Greece mulls over the results from their most recent debt meeting with the Troika, the IMF announced that they already have plans in place for when Greece inevitably defaults. However, with the groups taking a pause after another weekend of financial stalemate, a shocking bit of news appeared on May 11 that not only added fuel to the fire, but placed the European Union back on its heels.
Because that explosive news today that dropped on the wire involves Russia offering Greece a chance to join the current five nation BRICS alliance, and makes a Greek exit all the more enticing since they will instantly move into a more economically progressive and stable financial union.
As if the discussions in Brussels and Athens were not mired in enough uncertainty, Bloomberg reports that a Greek official confirms:
*STORCHAK ASKED TSIPRAS FOR GREECE TO JOIN BRICS BANK: OFFICIAL
The pivot appears to continue. Reportedly, Tsipras was pleasntly surprised by the proposal.
Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to reporters.
Tsipras said keen to discuss matter in St. Petersburg Economic Forum June 18-20, with leaders of BRICS countries.
Tsipras was pleasantly surprised by proposal. – Zerohedge
The primary reason why this offer is substantial is because if Greece does default on their Euro based debt, leaves the EU, and then joins up with the BRICS, they can in short order begin bi-lateral trade with the BRICS nations, using a newly created currency built upon their access to offshore oil resources.
This move of course would make Europe the big loser… so much so that chances would become highly probable that the rest of the PIIGS just might see a collaboration with the BRICS far more enticing than remaining in the EU, and leave Germany, France, and Britain holding the entire bag of ECB excrement just waiting to engulf Europe’s insolvent banking system.
First it was an offer to pay for access to the Turkstream Pipeline, and now it is a full fledged offer to join with the Eurasian and Silk Road unions via the BRICS. And as Don Corleone once said in a famous movie…
It’s an offer they can’t refuse.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.