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Its dependence on foreign finance is on a par with Greece's.
Though spending cuts should be found in some places, many African countries rely so heavily on foreign finance that it would be unrealistic, and counter-productive, to end it immediately.
Such a sharp drop would hit economies that rely heavily on foreign finance: more than 80 developing countries are likely to run current-account deficits of more than 5% of GDP this year.The links in the real economy could also be stronger than many imagine.
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In a sign of how deep the wounds remain, even a project intended to be as evenhanded as this one was initially opposed by the previous president, Alan García, and has depended on foreign financing, mainly from Germany and the European Union.
Their dependence on foreign financing is still apparent even after the financial crisis.
It is also more dependent on foreign financing, which gives outsiders greater sway.
The weaker dollar hurts American companies that depend on foreign financing because of scant domestic saving.
Emerging economies, having experienced the crises of 1997-98, resolved to inoculate themselves by refusing to rely on foreign financing.
His fund's biggest overweighting is in Italy, which he said was less dependent than others on foreign financing.
Brazil urgently needs to boost exports, to grow while cutting its dependence on foreign financing.But powerful interest groups are sceptical about the FTAA.
Now that the economy is in recession, which is not surprising given the reliance on foreign financing and investment, discontent has risen further.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com