There were massive capital outflows from its over-extended banking sector, and its currency, the krona, depreciated by 40%.
Last year the central bank had to fork out exchange losses of around $447m on the issue, as the rupee had depreciated by 32% against the dollar since the bonds were sold.Indian officials speak admiringly of investments in China by the overseas Chinese.
Egypt freed its currency to float against the dollar: it promptly depreciated by 16%.A boom in car and semiconductor production pushed South Korea's industrial output up by 9.5% in the year to December.
By contrast, the British pound is now undervalued: its financial industry, a big chunk of the overall economy, was at the heart of the recent turmoil (the pound depreciated sharply in 2008) and its biggest export market, the euro zone, is in a dreadful mess.For the full data set see here.
In August, when the real depreciated a little, that debt became less onerous as exporters' extra earnings boosted tax revenues.
The currency, which is loosely pegged to the dollar, has been stable since June when the country's central bank depreciated it by 1% against the dollar to help improve the balance of payments.
And because the Singaporean and Malaysian currencies have depreciated far less than the Indonesian rupiah, the rewards for working there are even more attractive.
Much of this spending, he reckons, should be depreciated against profits over several years.
Their money, they find, does not go far; the yen has depreciated 40% against the dollar since 1995.
That the yuan has barely depreciated against the dollar, and that China shows little inclination to let it do so, is a comfort.
Colombia's currency has depreciated slightly over the past six months, in contrast to most others in the region (see chart).
