From Zero Hedge:
"In many ways, EM is showing similar symptoms to its DM counterparts of weak economic performance and over- reliance on credit. The outcome is what we call the three EM debacles: de-leveraging, depreciation (or devaluation even de-pegging) and downgrades of credit ratings."
http://www.zerohedge.com/news/2015-10-15/be-very-afraid-3-em-debacles-loom-hsbc-warns
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