China+India+Brazil+Major+Player+at+IMF - Nov. 06, 2010...

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Nov. 06, 2010 China, India, Brazil Become 'major Players' At IMF IMF: China, India, Emerging Powers Become 'major Players' With Enhanced Voting Rights (AP) WASHINGTON (AP) - China and India received long-sought recognition Friday as global economic heavyweights as the International Monetary Fund gave them and other emerging powers a significantly larger role in stabilizing the world economy. IMF chief Dominique Strauss-Kahn announced planned reforms to the fund's voting power after a meeting of the organization's board, declaring that no longer would emerging economies feel that they are "invited to the table, but minor players." Brazil, China, India and Russia are now "major players," Strauss-Kahn affirmed at a news conference. He called on these nations to assume greater responsibility in guiding the global economy. The board's decision elevates China to No. 3 in voting power above traditional IMF powers such as Germany, Britain and France. A number of smaller European nations and oil-producing countries such as Saudi Arabia lost votes so that "new changes in the
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This note was uploaded on 11/23/2010 for the course ECONOMICS Econ 13 taught by Professor Georgesarraf during the Winter '10 term at UC Irvine.

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China+India+Brazil+Major+Player+at+IMF - Nov. 06, 2010...

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