| Lee Meddin |
EUROMONEY’S FINANCE MINISTER of the year award usually goes to an emerging-market official, and for good reason. Finance ministers outside the OECD might not be smarter or more sophisticated than their G7 counterparts (although many are) but they certainly have a much harder job to do when it comes to managing their countries’ debt. The problem is known as “original sin” – the fact that countries and companies in emerging markets, when they can borrow, can usually only raise money in foreign currency, or at short tenors, or both.
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