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Turmoil in emerging economies a symptom of global crisis - World Socialist Web Site

Turmoil in emerging economies a symptom of global crisis - World Socialist Web Site

http://www.wsws.org/en/articles/2013/08/27/econ-a27.html

Turmoil in emerging economies a symptom of global crisis
By Barry Grey
27 August 2013

This summer’s crisis of the so-called “emerging market” economies reached a new stage last week, as India, Brazil, Turkey and Indonesia all announced emergency measures in an attempt to stem a plunge in their currencies and stock and bond markets.

India, whose rupee has fallen 15 percent versus the US dollar since the start of the year, announced restrictions on the amount of money individuals and companies can send abroad. Turkey raised its interest rates in hopes of curtailing capital flight that has driven down the lira by 10 percent. Indonesia announced steps to increase the availability of dollars in its markets, increase taxes on luxury items and reduce oil imports. Its rupiah has dropped 8 percent this year.

#crise_économique #pays_émergents #brics #crise

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