Source: "West Is in Talks on Credit to Aid Poorer Nations," MARK LANDLER, The New York Times, October 23, 2008."The International Monetary Fund, which is in negotiations with several countries to provide emergency loans, is also working to arrange a huge credit line that would allow other countries desperate for foreign capital to borrow dollars, according to several officials.
"The list of countries under threat is growing by the day, and now includes such emerging-market stalwarts as Brazil, South Africa and Turkey. They have become collateral damage in a crisis that began in the American subprime housing market."
Comment: There is an old saying: "When the G7 sneezes, the developing world comes down with pneumonia". Unfortunately, the developed nations seem to have come down with a nasty economic "cold", that is going to last for a while. We are beginning to see the repercussions in the developing world. JAD
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