Argentina is heading for another sovereign default. Brazil's currency and equity markets are falling and precarious. Chile and Mexico seem stronger but quite vulnerable.
Here's what the Telegraph reports on the exposure of European banks:
"The latest data from the Bank for International Settlements shows that Western European banks hold almost all the exposure to the emerging market bubble, now busting with spectacular effect.
They account for three-quarters of the total $4.7 trillion £2.96 trillion) in cross-border bank loans to Eastern Europe, Latin America and emerging Asia extended during the global credit boom – a sum that vastly exceeds the scale of both the US sub-prime and Alt-A debacles."