''The BRICS (Brazil, Russia, India, China and South Africa) bloc has begun
planning its own development bank and a new bailout fund which would be
created by pooling together an estimated $240 billion in foreign
exchange reserves, according to diplomatic sources. To get a sense of
how significant the proposed fund would be, the fund would be larger
than the combined Gross Domestic Product (GDP) of about 150 countries, according to Russia and India Report.''