9/15/11 (AEIN) The BRICS group of countries will consider taking steps to aid Europe in its debt crisis. The five nations do not want the Euro zone to collapse and may start purchasing significant quantities of European government bonds, the Voice of Russia reported early Thursday.
Assisting Europe in this manner could give the BRICS countries more influence over European governments while helping to ensure continued European demand for their products. Chinese purchases of American bonds have helped to maintain the continued export of products to the U.S., although they have not prevented arms sales to Taiwan.
The BRICS countries include Brazil, the Russian Federation, India, the People's Republic of China and South Africa. They share a number of similarities. All five have large economies and significant regional influence. They also make many of their foreign and domestic policy decisions independently from the desires of Western powers.
Meanwhile, European stocks mostly went up on Wednesday as Greece announced additional austerity measures and investors became more confident that Europe's economy will recover. Nonetheless, the debt crisis remained a major concern for investors worldwide.