Selloff descends into a rout in South Korea with biggest one-day drop since
2008
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The KOSPI has shed 20% in two trading sessions as excess leverage triggers
margins calls and forced liquidation of positions by retail investors
1 hour ago
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"We expect action and we expect courageous and cooperative action on the part of our members," Lagarde told reporters ahead of the IMF's twice-yearly meetings in Tokyo.
ReplyDeleteThe slowdown has not spared emerging market economies, which were instrumental in pulling the global economy out of recession in 2009. Brazil cut interest rates on Wednesday and South Korea on Thursday.
"Developing countries, which have been the engine of growth, will not be immune the increased uncertainty in the global economy," said World Bank President Jim Yong Kim.