The sun-kissed Balearic island of Majorca may seem remote from the financial crisis that is gripping the west's capitals. But for Carmen Riu, co-owner of a large chain of hotels in the Spanish resort destination, these are the most difficult times in her long career in tourism: "It is the most uncertain period I have known in 30 years on the island."

Thousands of kilometres away on the Volga river lie the factories of Avtovaz, the manufacturer of Lada cars. Yann Vincent, chief operating officer at what is Russia's largest carmaker, says weak demand and the parlous situation of suppliers and dealers are "threatening our balance sheet".