Emerging markets are looking very weak right now and cannot reverse this any time soon. But what is not ever understood or anticipated is the counterparty risk. Each country buys the debt of another country, effectively making it connected. A problem for one, is a problem for another.
Italy Denies Reaching Out to ECB for Help on Bond Purchases - BloombergQuint
https://www.bloombergquint.com/global-economics/2018/08/29/italy-reportedly-reached-out-to-ecb-on-new-bond-purchase-plan#gs.6C4Dp3k
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