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European giants side with UK in Chinese World Bank row with US

OWoN: The dice are cast. All Empires end, usually badly. The UK has taken a leg in China's Banking market. Now Europe is following fast. The US dominated IMF and World Bank are squealing at this injection of competition. For them it's half their cake going missing. For the US, it's the beginning of the end of global dominance. Game up.

The US has voiced concerns after Britain signed up to the China-backed Asian Infrastructure Investment Bank - Image: EPA

European giants side with UK in Chinese World Bank row with US

France, Germany and Italy sign up to China's $50bn Asian Infrastructure Investment Bank

The Telegraph
By Agencies
16 March 2015

France, Germany and Italy have joined Britain in signing up to the China-backed Asian Infrastructure Investment Bank (AIIB), dealing a further blow to the US government.

Australia is also believed to be rethinking its position to stay allied with the US and reject joining the $50bn bank, which is seen as a rival to the World Bank.

Last week the UK said it believed its decision to become a founding member of the AIIB was in the national interest, shrugging off US concerns about the move.

"There will be times when we take a different approach (to the United States)," a spokesman for Prime Minister David Cameron told reporters, referring to the decision to join the bank. "We think that it's in the UK's national interest."

The AIIB has been feted by Beijing as a way of financing regional development.

Britain's move drew a cautious response from Washington, but Mr Cameron's spokesman said the Prime Minister did not think the episode would damage London's ties with the US, and that Chancellor George Osborne had discussed the matter with his American counterpart beforehand.

The AIIB would play "a complementary role" to other funding institutions, he said, and would help fill a genuine niche to provide additional investment to lower income countries in the Asia-Pacific region.

Britain would help ensure it upheld high standards of governance, he added, denying that the Government's decision to join the bank was part of a pattern of cosying up to Beijing too much.

Mr Osborne said on Thursday that Britain would join discussions with other founding members of the AIIB to set out the institution’s governance and accountability structures later this month, in a move to bolster relations with China.

“Forging links between the UK and Asian economies to give our companies the best opportunity to work and invest in the world’s fastest growing markets is a key part of our long-term economic plan,” Mr Osborne said last week.

“Joining the AIIB at the founding stage will create an unrivalled opportunity for the UK and Asia to invest and grow together.”

However, US National Security Council spokesman Patrick Ventrell voiced concerns over the decision.

“We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks,” he said.

“Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards.”

China and 20 other countries signed a memorandum of understanding to establish the Beijing-headquartered bank in October.

The bank has support from countries including India, Singapore, Malaysia, Cambodia, Pakistan, the Philippines, Uzbekistan and Vietnam.



  1. Game over the gig is up USA. How bout just throw in the towel.

    1. I read this yesterday from the NY Times.... very interesting!.... but, throwing in the towel would be to easy.... if you were going to lose everything you have would you throw in the towel or go down with the sinking ship?.... I think we are seeing a work around because THE cabal, powers that be or whatever tag you give them, reneged on the original pact supposed to go down in 2013.... just rumors I read.... I don't know much of fact except that many many changes are happening all around us.... as some one said way back " worlds will realign".... it is happening!


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