Akash, I intended this piece to light the path a bit. You may recall that the "Asian Contagion" of 1997 spread to Russia and Brazil. In total, it took more than 18 months to play out. The markets began to create turmoil in Thailand in maybe May of 1997, causing the devaluation on 2 July 1997. It wasn't until August of 1998 that Russia defaulted. Look for the usual suspects. The monetary system is global. The massive excess liquidity of the past 5 years went somewhere. Much of it went on an Emerging Market carry trade where investors borrowed short term in US dollars and Japenese yen and invested (or lent) capital in emerging market debt and equity among other places. Look for it in terms of current account deficits, central bank interventions into currency markets, dubious public works projects, rapid credit expansion (in excess of real growth), etc. This thing is far from over. To use a baseball analogy, this thing is in the first or second inning.