Source: blogs.barrons.com - Thursday, July 09, 2015 It’s a market rumor, but perhaps one of the first clients of a new BRICS bank will be Greece, reports Riedel Research . “That would give Russia a new hold in the West and would anger German Chancellor Angela Merkel and French President Francois Hollande ,” Riedel writes . Agence France-Presse/Getty Images Grexit graffitti in Athens. The observation comes as leaders among the BRICS – Brazil, Russia, India, China and South Africa — meet in Russia this week. But will efforts to set up a development bank with billions from member reserves pose a real threat to established global lenders like the International Monetary Fund, with which Greece is now in arrears ? Russia’s Gazprom ( OGZPY ) is game to ship more natural gas through northern Greece via Turkey. Desperate for revenue, Greek leaders are enamored by a Moscow-backed pipeline project, “Turkish Stream ,” that would involve transporting Russian natural gas. See our post, “ U.S. Discourages Russia-Greece Gas Pipeline .” The Global X FTSE Greece 20 ETF ( GREK ) continues its ascent today, up by 6.4% in recent trading. The Vanguard FTSE Emerging Markets ETF ( VWO ) is up 2.6% today. The Market Vectors Russia ETF ( RSX ) is up 1.6%.All Related
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