BRICS Summit Gives Putin a Chance to Show Russia not Isolated

The BRICS emerging economies will launch a development bank at a summit this week which President Vladimir Putin hopes will help reduce Western dominance of world financial institutions and show Moscow is not isolated. At a meeting in the remote Russian city of Ufa, originally a fortress built on the orders of Tsar Ivan the Terrible, Brazil, Russia, India, China and South Africa also aim to put the last touches to a $100-billion contingency currency reserves pool. The BRICS account for a fifth of the world's economic output and 40 percent of its population. The pool and New Development Bank, with an initial $50 billion in capital, are central to their efforts to reshape the Western-dominated financial system. http://feeds.reuters.com/~r/reuters/topNews/~3/fqLokzEPy4c/story01.htm http://www.wochit.com This video was produced by Wochit using http://wochit.com