About the IMF reforms, Brazil Criticizes Europe and the U.S.

Brazilian Finance Minister Guido Mantega, denounced the United States and Europe because of stalling reforms that would reduce their role in the International Monetary Fund. 
As quoted by the news agency on Saturday (20/03/2013), in a statement to the Fund on behalf of 11 member countries, Mantega said the reform of the European and U.S. dominance over the ownership of shares and voting rights at the IMF has been repeatedly delayed, preventing balancing would allow developing countries have a greater voice, AFP reported.

'Reform of the IMF may be the nadir. Targeted time has failed to be met, delays and delays have become routine, "Mantega said. 

2010 program does not run because it requires the support of the United States, where Congress continues to refuse ratification.

And the next quota review, which will be completed in January 2014, was also delayed due to 'resistance to change on the part of over-representation of European countries, "Mantega said.

Delay prevents developing giants such as China, Russia, India and Brazil from getting a greater say in the affairs of the IMF through a quota increase, the basic composition of their shareholding.

Mantega warned that reform emerged from the 2007-2008 crisis in the developed countries and the economic power held by the Group of 20 (G20) with the support of developing countries to increase the IMF's resources to intervene and help the troubled countries.

Most of the increase has been used in bailouts for eurozone countries Ireland, Greece, Portugal and Cyprus.

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