Next?

"Ukraine, Hungary, and Serbia are all in emergency talks with the International Monetary Fund, raising fears that an exodus of foreign investors will set off a systemic crisis across Eastern Europe."

The worst may be yet to come in euroland as well: "the ECB is now deeply alarmed by the crunch facing European banks as a violent unwinding of debt leverage across the world forces them to repay huge sums in dollars. Goldman Sachs estimates that non-US banks have liabilities of $12 trillion on dollar balance sheets. The European, British, and Swiss banks make up the lion's share, and they have used leverage far more aggressively than US banks. Analysts say the European banks will need to raise $400bn in fresh capital – no easy feat at a time when burned investors are keeping their distance.

Meanwhile, Gordon Brown is "Calling for "very large and very radical changes," ... nothing less than "a new Bretton Woods."Speaking at a summit of European Union leaders in Brussels, Mr Brown said the recent crisis proves the need for much more international co-operation on the regulation of banks and other financial institutions. "We now have global financial markets, global corporations, global financial flows. But what we do not have is anything other than national and regional regulation and supervision." More thoughts on this later.