What must emerging economies do?

Their recent behaviour, volatility and febrility suggests that global markets have lost faith in western governments and legislatures. They see a lack of political will, and of ability, on the part of both, to acknowledge the size and implications of the debt problems they confront. Nor do they see any commitment on the part of western authorities to resolve these decisively, without incurring costly missteps along the way; which the Eurozone seems bent on doing.

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