Argentina, Turkey, Mexico ... fear of contagion haunts emerging markets

As America's economy booms, investors are lured back to the US - and away from the countries that were relying on them

In the past six months, some of the world's fastest-growing economies have found themselves flat on the floor, gasping for breath and, in one case, seeking help from the global financial rescue centre otherwise known as the International Monetary Fund.

Argentina's $50bn bailout by the Washington-based lender of last resort is the most extreme event so far, but it sits alongside the dramatic collapse of the Turkish lira, a recession in South Africa and dire economic predictions for the Philippines, Indonesia and Mexico.

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