Topic: Imf Reform

The BRICS nations (Brazil, Russia, India, China, and South Africa) met in Xiamen, China, to discuss international institutional reform and the next wave of economic globalization. The group aims to challenge the existing global order and push for IMF reform. The inclusion of South Africa is questioned relative to the massive economic potential of the other four members.

Thousands of Greek farmers converged on Athens to protest tax hikes and pension reforms required by the IMF and EU for a $95 billion bailout. Protesters used tractors to block highways and clashed with riot police outside the Ministry of Agriculture. The farmers argue that the new economic measures will make their small businesses unviable.

International Monetary Fund (IMF) reforms from 2010 are discussed in the context of US ratification delays. The debate centers on whether increasing the voting shares of Brazil, Russia, India, and China would effectively strip the United States of its supermajority veto power.

The hosts critique a press conference where IMF Managing Director Christine Lagarde discusses "discreetly" helping Myanmar with currency reform. They question how the IMF could be active in the country despite supposedly strict international sanctions, labeling the sanctions as bogus.