Spain's Ordoez on emerging markets

One of the most surprising features of the recent turmoil is the resilience of most emerging market economies, said Miguel Fernandez Ordoez, the governor of the Bank of Spain.

"This year has started on a rather slow motion and the mood is far from positive. The economic and financial strains in the US and their spillovers to other advanced economies are dragging down global economic forecasts. Even in Japan, where the direct impact of the turmoil has been relatively contained, the economy

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