Rettet die Schwellenmärkte

CAMBRIDGE, MASS.: Wenn es auf der Welt gerecht zuginge, würden die meisten Schwellenmärkte die Finanzkrise, die derzeit die hoch entwickelten Volkswirtschaften der Welt im Griff hat, nur von außen zusehen – vielleicht nicht völlig unberührt, aber auch nicht allzu besorgt. Ausnahmsweise sind es nicht ihre Exzesse, die die Finanzmärkte in Brand gesteckt haben, sondern die der Wall Street.

Die Auslands- und Finanzpositionen der Schwellenmärkte waren – dank der bitteren Lehren, die sie aus ihrer krisenanfälligen Geschichte gezogen hatten – stärker denn je. Man hätte diesen Ländern sogar ein gewisses Maß an Schadenfreude zugestehen können angesichts der Schwierigkeiten, in denen die USA und andere reiche Länder derzeit stecken – so, wie man von Kindern eine perverse Freude erwarten kann, wenn die eigenen Eltern in genau jene Schwierigkeiten geraten, vor denen sie den Nachwuchs stets so nachdrücklich gewarnt haben.

Stattdessen leiden die Schwellenmärkte unter Finanzverwerfungen von möglicherweise historischen Ausmaßen. Die Befürchtung ist nicht mehr, dass sie nicht in der Lage sein werden, sich abzuschotten, sondern dass ihre Volkswirtschaften in sehr viel tiefere Krisen hineingezogen werden könnten als jene, die man im Epizentrum des Subprime-Debakels erleben wird.

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