With its $2bn (£1.3bn, €1.6bn) rescue loan to Iceland and $16.5bn to Ukraine, the International Monetary Fund has started to dip into an arsenal that is full to the brim. Yet the IMF could soon run short of firepower.
In spite of the period of relative peace in recent years among emerging markets, the private armies of global finance have grown much faster than the fund’s store of ammunition.
