A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
"For the emerging markets, the main lesson is that you need to build deep and meaningful financial markets in your own country," the EBRD's chief economist Sergei Guriev told Reuters.
"Otherwise, because of problems in some other country, you may have an external financing shock and you will have a crisis."
It echoes warnings from the likes of the Bank for International Settlements and IMF about countries stacking up too much dollar-denominated debt when the global rush to slash interest rates made it look ultra-cheap.
Now, however, the dollar is rising and countries are having to use more of their reserves to pay the money back. One such country is Turkey, which has seen its currency slump.
"[Turkey has] a high level of dollar debt, a lack of independent decision making by the central bank, a lack of inflation targeting which results in wiping out euro-denominated financial markets, shorting the duration of lira financial instruments and reinforcing this burden of indebtedness," Guriev said. - Reuters
A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
The decision aims to protect the safety and security of pilgrims
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Dubai Amateur 17-year-old Oscar Craig continues to showcase his impressive form with third-round level par 72 at Saadiyat Beach Golf Club
The tragic incident led to the death of a number of innocent people from Yemen
Alongside regional leaders, US Secretary of State Antony Blinken will attend the meetings
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The quake was at a depth of 503.2 km