BRICS Developments, October 8th, 2014
October 8, 2014 • 12:57PM

There are two main threads of development among the BRICS nations that we will report on here. The first is the counter-attack, by a consortium of nations, against the system of predatory finance, related to the 'Vulture Funds,' which has recently been waging financial warfare against Argentina. The second thread is the continued progress towards development, including the proposal for a BRICS committee of study, and a tunnel link between Russia and Norway.

Counter-Attacking the Vultures

China Backs Argentina Fully on Vulture Fund Fight

China's new ambassador to Argentina, Yang Wanming, has stated that his government fully supports Argentina in its battle against the predatory vulture funds, and in its efforts to protect its sovereign debt restructuring, La Nacion reported Oct. 6.

The ambassador announced that his government supports Argentina's proposal to create a multilateral legal framework to oversee sovereign debt restructurings, free from vulture interference, adding that "if Argentina is going to raise this issue" at the next G-20 meeting in Australia, "China will support any proposal it makes."

"China will positively vote with Argentina," he said. "We wish to show our support and full backing in terms of Argentina's demand (regarding) sovereign debt." He emphasized that Chinese-Argentine relations are "at the best moment of their history," and that the priority now is to bring to fruition "all of the agreements signed by both parties during President Xi Jinping's visit to Argentina" last July. "Our interest is to broaden cooperation and understanding between the two nations," he said.

Egypt's Al Ahram Weekly Praises Argentine President, Says Fernández "Deserves Acclaim and Commendation"

Al Ahram Weekly, an Egyptian government-backed publication that often speaks for Cairo, published an article in praise of Argentine President Cristina Fernández de Kirchner, who, the author writes, "deserves acclaim and commendation from the international community."

Bolivian VP Speaks on Importance of South-South Cooperation to Fight Vultures, Anti-Development "Carbon Bond" Schemes

Bolivia's defense of Argentina in its fight with the vulture funds is "non-negotiable," Bolivian Vice President Alvaro Garcia Linera told Argentina's Radio Nacional on Monday, October 6th. That vulture funds exist is "a financial aberration;" they are part of "the most aggressive, extortionist and thieving side of speculative framework of capitalism.... They are thieves; there is no other word for them," if we are to speak decently, he said.

Continued Push for Infrastructure

Russia Sets Up High-level "Committee for BRICS Studies"

Tamara Zamyatina of Russia Today interviewed Russian State Duma member Vyacheslav Nikonov Oct. 6, on the Brazilian presidential elections. Nikonov said Russia appreciates Brazil's cooperation, adding among other things that "Brazil under Rousseff will never join anti-Russia sanctions," and Brazil, "in contrast to the stance taken by the pro-US opposition, shows not the slightest hint that it may support the United States' hegemonistic designs. Memories are still fresh of the years-long tapping of local politicians' telephones by US secret services."

More important, Zamyatina introduced Nikonov as "the head of the National Committee for BRICS Studies." Although we know no more about that new committee at present, Nikonov is a prominent historian and political scientist, member of the executive council of Putin's United Russia party, and the grandson of Soviet Foreign Minister Vyacheslav Molotov.

Despite Political Sanctions Sabotage, Infrastructure Building Between Russia and Norway Continues

The Barents Observer reported October 1 that construction has started on a tunnel that will connect Kirkenes in Norway to Russia. The 690-meter-long tunnel will provide an additional transportation route between the two countries' border regions, which have seen a 300% increase in travelers over the past five years. Also, upgraded border crossing points will be developed on both sides, to make the trip smoother. New and upgraded roads are also in the infrastructure plan. The tunnel and roads are to be completed in 2016. The tunnel will be named "Trifon Tunnel," after a Russian Orthodox monk who lived in the area in the 16th Century.