Timber, I don't believe the Argies are part of the BRICS, haha, certainly no A in there! However they may well be a client & help avoid said default. One of the reasons some of the developing nations are in the crapper is that bank hot money (QE) chased growth & a massive amount of money flooded these markets driving inflation & some poor investment decisions. This capital soon started fleeing once US equity markets sparked into life & one after another these developing nations economies started to implode. The BRICs bank will be an alternative for these developing nations rather than the likes of Goldman Sachs doing gold swaps & the IMF & World Bank all at the control of the West & USD denominated. This may limit the access to high growth markets that Western banks have enjoyed (& at times lost a bundle) in future as I am sure the rates offered will be considerably lower than what is offered by the commercial banks.
