You forget that the two main emerging countries that targeted inflation during the 1990s Chile and Israel successfully withstood a major test in 1997-99, in the form of exchange-rate depreciation caused by financial contagion and terms-of-trade deterioration in the wake of the Asian crisis.

ECONOMIST: Letters

American investors need to be aware that problems in the Eurozone will lead to global financial contagion, a worldwide recession and a possible repeat of a crisis like the one that followed the 2008 Lehman bankruptcy.

FORBES: Euro Crisis Will Only Get Worse And Do Serious Damage To Investors

The Troika appears confident of its capacity to contain a financial crisis, but if markets turn on them, contagion may become uncontainable, as the U.S. financial crisis proved.

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