South America hails new BRICS bank

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Brazilian President Dilma Rousseff (R) talks with Indian PM Nerendra Modi at the presidential palace in Brasilia, on July 16, 2014Brasília (AFP) – South American presidents hailed the creation of a development bank by the BRICS group of emerging powers as an alternative to the Western-dominated global financial system. The leaders of Brazil, Russia, India, China and South Africa held unprecedented talks with South American peers in Brasilia a day after the BRICS agreed to launch the bank and an emergency reserve fund.