Emerging markets displace Europe as fulcrum of world risk

Some feared this might happen in 1998 when Russia defaulted and East Asia’s currency crisis span out of control, a drama precipitated by a rising dollar. Contagion spread to western Europe, causing the pre-euro “convergence play” to snap back violently. The US hedge fund Long Term Capital Manage…

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Emerging markets displace Europe as fulcrum of world risk

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