Word: contagion
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...warp-speed growth in many of these nations began to slow--an inevitable turn in the business cycle. But the stutter was enough to panic a few investors, who headed for the exits. That set off a rapid spiral of defaults that became known as the Asian Contagion. Thailand's problems quickly became Indonesia's, then Korea's, in a dangerous daisy chain that is still looping together--witness last month's shuddering devaluation of the Brazilian real...
...White House has also played a role in averting crises before they appeared on the radar screens. There were times in the past year when countries including Egypt, South Africa and Ukraine were possibly just days away from becoming the next victims of Asian Contagion. But patient and highly secret intervention by Vice President Al Gore helped change policy and avert collapses that would surely have shaken global confidence again...
...seeing Brazil's struggle as a crucial stand for the orthodox model," says Emily Alejos, vice president for emerging markets at BEA Associates investment firm in New York City. And because it is the linchpin of the dynamic South American market, Alejos adds, "letting Brazil succumb to the global contagion would mean Argentina, Chile and other Latin American countries following on its heels...
...JANEIRO: Congratulate the Brazilian people for their farsightedness: The current global contagion that has pushed Brazil's government to the brink of disaster has visited equal hardship on its people, yet the nation is poised to reelect President Fernando Enrique Cardoso with the full knowledge that he has even deeper hardship in store. Rarely have the IMF and its usual victims -- ordinary citizens -- been in such agreement...
...fiscal action," Rubin went back to doing the administration?s business -- trying to squeeze IMF funding out of the House as soon as possible. Indeed, both men ?- who these days are not-so-laughingly deemed the last two viable leaders in the economic world -? remain convinced, even as the contagion continues to spread, that their bitter-pill regimen is the only way to go, not only to cure today?s ills but to immunize economies against tomorrow?s tremblings. House members, as always, nodded politely, but two moments Wednesday seemed to capture perfectly the persistent understanding gap between economists...