First Iceland. Now Turkey. And Hungary is looking wobbly. Europe is increasingly encircled by financial woes. Its emerging markets are being hit by a wave of speculative selling, pushing currencies into freefall, and prompting big increases in interest rates.
The worrying questions now are: Will those crises turn out to be contagious, as they did in Asia in the last decade? And, if that is a risk, is there anything the rest of Europe should...
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