The leaders of Brazil, Russia, India, China and South Africa -- collectively knownas the BRICS -- "agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank, funded and managed by the BRICS and other developing countries, " said Prime Minister Manmohan Singh of India.
Whether it persuades investors that European banks will be strong enough to withstand possible losses as and when eurozone countries fail to repay all they owe, well that won't be known till the detail is published next week of how much individual banks will have to find.