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This has forced the Russian central bank to aggressively intervene to support its currency, and by doing so it is "temporarily" raising interest rates from 5.5 to 7percentt.
The central bank sold dollars to support its currency.
Indonesia followed in October, winning almost $40 billion from the Fund and several governments to support its currency and restructure its banks.
One way, according to Nariman Behravesh, chief economist at analysts IHS, would be if China stopped trying to support its currency, the yuan.
But the Icesave issue is one of several that have delayed its recovery, forcing the island to retain capital controls to support its currency and making access to capital difficult for Icelandic businesses.
But that is expected to dwindle to $1.1 billion by the end of the year as the allies burn through cash used to finance the budget deficit and to help the Iraqi Central Bank support its currency.
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Although Latvia has avoided devaluation by supporting its currency with central bank reserves, it's hard to see how long this can go on amid dwindling foreign-exchange revenues and capital inflows.
Like Thailand, the Philippines may reach a point where it can no longer bear the costs of supporting its currency.Indonesia and Malaysia are better-positioned to ride out South-East Asia's currency troubles, although both have looked a bit shaky.
His global macro view was that the Bank of England would no longer be able to support its own currency and that it would tumble relative to the deutsche mark and French franc.
The dollar fell against the euro for the first time in four days on speculation the European central bank would move to support its slumping currency.
Given that current reality, the best course if Europe wants to support its common currency would seem to be to make itself more attractive for equity investors, and to some extent it has done so.
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