Will BRIC countries save the Eurozone?

Source: Dukascopy
$“Maybe it is to China's best interest to let things get even worse in Europe before it helps it to get better”
- Ricardo P. CГўmara Leal, Professor at University of Rio de Janeiro

With the mounting level of economic problems the Eurozone is in need of external financial aid. Among the top potential providers of credit analysts suggest the reserves rich BRIC countries. Dukascopy has asked the expert’s opinion on the matter.$

Profile of the expert:
Prof. Dr. Ricardo P. CГўmara Leal is a Professor of Finance at the COPPEAD Graduate School of Business at the Federal University of Rio de Janeiro; Senior research fellow of the Brazilian Corporate Governance Institute and of the Center for Governance Studies at the Foundation for Accounting, Actuarial, and Financial Research (FIPECAFI)

1) What do you consider to be the main reasons for current Eurozone economic problems?
To my mind, the main reasons are German-French European-wide political and economic leadership ambitions. They were coupled with a monetary authority that befell hostage to the out-of-control fiscal needs of most member countries that were not really subjected to a disciplining pan-European fiscal authority.

2) How would you assess the statement that by bailing-out Western Europe the BRIC countries are saving their own economies?
I am not sure about that. China is turning to its own internal markets and so is Brazil, as well as towards other countries, such as in South-South trading. Not to say that Europe is not and will not be very important, which it is, but maybe it is to China's best interest to let things get even worse in Europe before it helps it to get better.

3) What do you think might be the conditions for the bail-out if it takes place?
Evidently, the BRIC countries will manage the situation to their benefit. European countries have done the same throughout their history as colonial powers. If given a chance, BRIC countries will love the opportunity of a payback. Although emotional issues probably do not play a big role in real politics, but taking advantage of a situation does. Besides, as I said, maybe it is better for BRIC countries to wait on the sidelines to see if things get worse, so the terms of any bail-out participation are made even more leonine on their behalf. Or would you expect a bail-out with a smiling face from China and Russia? Brazil and India have ambitions of greater roles, such as permanent seats in UN's Security Council.
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