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Rio de Janeiro: foreign investment may soon dry up |
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Emerging-market professionals in both the private and official sectors are losing a lot of sleep about the prospect of a Brazilian default. They’re justifiably worried that such an event would mean the end of emerging markets as an asset class, at least for countries with less than an investment-grade credit rating. That would not only mean thousands of Wall Streeters losing their jobs but could have much more profound consequences for the wider world.
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