Brazil faulty

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Emerging markets initially appeared to escape the worst of the subprime crisis that has pummelled the banking sector in the US and Europe over the past year. In recent weeks, however, markets in Latin America, Asia and eastern Europe have been hit as investors have taken fright.

In Brazil, the benchmark Bovespa stock index plunged 28.12% between its open on October 1 and the close on October 10, from 49,541.27 to 35,609.54. On October 6, it fell as much as 16%, causing trading on the BM&F Bovesp

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