It’s not all bad. The world of international finance works in mysterious ways, and right now it looks as though central America is actually a beneficiary of Argentina’s default and the US recession.

INDIA

News of the merger between National Bank of Greece and Alpha Bank boosted the Greek stock market. But the fact that NBG will remain part state-owned underlines the centre-left government’s lukewarm commitment to privatization. So despite an upgrade from emerging-market status and full entry into euroland, Greece still hasn’t quickened the pulse of investors.