Emerging economies to save Europe?

An interesting prospect if true:

In a stunning reversal of fortune, it has emerged that the so-called Brics nations, the emerging economies of Brazil, Russia, India, China and South Africa - who almost alone in the global economy have weathered the financial crisis sitting atop huge international reserves - are planning to come to Europe's aid.

Brazilian finance minister Guido Mantega on Tuesday said that the Brics states are to hold a meeting on 22 September to discuss co-ordination of an EU rescue plan.

"We will meet next week in Washington to decide how to help the European Union to get out of this situation," he said.

The nations are considering substantially boosting their holdings of euro-denominated bonds in their foreign exchange reserves.

But can Europe be saved and is it worth saving?