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BRIC-Dollar Drama Continues

by Mathew Katz
Jun 16, 2009

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There's been another development in the love-hate relationship between the four BRIC countries (Brazil, Russia, India, and China) and the U.S. dollar. Yesterday, Russia's finance minister said his country had full confidence in the American dollar as the world's main reserve currency.

Now, leaders of each country, at a summit in Russia, are considering buying each other's bonds and swapping currencies so they don't have to depend as heavily on the greenback. Russian President Dmitry Medvedev also called for a "supranational currency" to dethrone the dollar.

And the BRIC countries didn't even mention the dollar in their official statement. Needless to say, it didn't take the snub very well.

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