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Europeans defy U.S. to join China-led development bank; Australia may be next
By George Parker, Anne-Sylvaine Chassany, and Geoff Dyer
Financial Times, London
Monday, March 16, 2015
France, Germany, and Italy have all agreed to follow Britain's lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading Western countries out of the new institution.
The decision by the three European governments comes after Britain announced last week that it would join the $50 billion Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.
Australia, a key U.S. ally in the Asia-Pacific region that had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position. ...
... For the remainder of the report:
http://www.ft.com/intl/cms/s/0/0655b342-cc29-11e4-beca-00144feab7de.html
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