| Surging exports and high oil prices have delivered huge financial wealth to emerging countries over the past four years. Their central banks and sovereign wealth funds have swiftly accumulated vast reserves and become key creditors to the indebted US in a stunning reversal of the old world economic order. Today, if you’re a country in financial trouble, forget the IMF: better to go to one of your rich neighbours for a handout. Saudi Arabia can prop up Lebanon: Venezuela can underwrite debt for Argentina. |
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