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The answer: bonds denominated in local currencies.
Several class-action lawsuits over the alleged manipulation of LIBOR for dollar-denominated borrowing are already under way.
A report of the Working Centre for Economic Reform, a government-linked think-tank, says that dollar-denominated borrowing by Russian banks would pose a "potentially serious problem" if the rouble fell sharply.
It has also started a renminbi-denominated borrowing program, issuing a 3 billion yuan ($450 million) bond.
Much of their borrowing is denominated in dollars, and they have so much of it that their debt payments decline substantially.
The most exposed of all is Latvia, where more than 80% of all household borrowing is denominated in foreign currencies, mainly euros.
An American company looking to expand overseas might borrow a loan denominated in US dollars.
Moreover, keeping the pegs was desirable because most private borrowing had been denominated in euros.
And since most of the mortgage-backed securities are denominated in dollars, the need to borrow in pounds will be limited, analysts said.
Investors borrowing Yen to purchase assets denominated in other currencies has been a common trade under Abenomics -- the economic recovery strategy adopted by Japan's Prime Minister that uses currency destruction and inflation as a substitute for viable growth.
And Latvian bank loans are commonly denominated in euros.
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CEO of Professional Science Editing for Scientists @ prosciediting.com