Der Spiegel: Moscow draws Greece away from IMF

Russia proposed that Greece becomes a member of the New Development Bank founded by the BRICS countries. Prime Minister Tsipras, who is in need of financial support, finds the idea appealing, Der Spiegel reports.

The Greek government is considering a proposal from Moscow to become a member of the New Development Bank, writes the German magazine.

The New Development Bank was founded by Brazil, Russia, India, China and South Africa in 2014, as an alternative to the World Bank and the International Monetary Fund (IMF).

The invitation came from Russian Deputy Finance Minister Sergei Storchak on Monday. According to Der Spiegel, Tsipras is currently considering the proposal, with one of the Greek government officials describing it as a “nice surprise”.

Storchak told the Greek state news agency ANA-MPA that he would not be surprised if Greece becomes the first full member of the New Development Bank to apply for funds. It makes no difference whether Greece joins with a large or small investment.

“Once it is a member state, it may apply for loans for various purposes and for development projects,” Storchak said.

The meeting of the bank members will take place from June 18-20, in St. Petersburg. Tsipras is also expected to attend the negotiations.