Roubini- Financial Crisis Going Global

Slow down in BRIC's leading to worldwide recession

Gmail - Financial Crisis Going Global -
The slowing in the BRICs, which account for 40% of global growth, as well as the G7 will likely have knock on effects for other emerging markets. As a group, emerging markets have suffered significant outflows from the equity and bond markets in the past quarter, with many equity markets down 40-60% this year. Emerging markets with current account deficits and exposed banks like Turkey, Iceland and Korea have been particularly hard hit amid deleveraging and flight to the dollar (and yen).