Just when we were all being lulled into thinking that the global economy was on the mend, trouble has broken out yet again. This time, it’s in emerging markets. Since the beginning of the year the currencies of Turkey, Argentina, Brazil, South Africa, Russia, Hungary, Indonesia, Chile and others have fallen sharply. Several countries have raised interest rates to try and stabilise markets.
This latest financial unrest has undermined global equity markets, and raised concerns about spillovers into the West. Problems in Turkey could affect Greece and Cyprus. Problems in South America could reflect on Spanish banks. Higher interest rates…
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