..Mr Das thinks it could result in a situation not unlike the Asian financial crisis of the late 1990s, only spread across several continents.
"The defaults will weaken potentially the banking systems in some of these countries, which will then need to be bailed out by governments or supported in some way," he said.
"And so it will be a very classic emerging market crisis, which will be obviously compounded by weaker currencies, and where some of these countries have borrowed in foreign currencies, the increase in the amount of that debt as a result of the currency devaluation will also lead to things like credit downgrades and much heavier exposure to foreign exchange losses."
