Leaders of the Brics group of big emerging economies have warned of the threat of financial instability and volatile commodity prices following the Greek crisis and acute market turbulence in China.
They voiced their concern as a barrage of measures taken by Beijing to calm investor nerves stemmed the recent market rout in China, with equities rising strongly yesterday after a string of sharp declines wiped trillions off the value of stocks.
European equity and bond markets also rallied as Athens prepared a new reform plan for its creditors ahead of a weekend deadline for a bailout deal to avert Greek exit from the euro.
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