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Οι πέντε που γίνανε σιγά- σιγά οκτώ:

"They were pushed in this direction by the capital inflows that followed quantitative easing by the Fed. Classic, and severe, credit bubbles ensued, with current account deficits widening rapidly in a group of countries that last summer became known as the ‘fragile 5′ – India, Indonesia, Brazil, Turkey and South Africa. These five have remained fragile, and have now been joined by Argentina, Russia, and Chile. So now we have the ‘fragile 8′, and the number could grow further. (See this excellent analysis by John Mauldin)".
The EM’s ‘fragile 8′ must save themselves | Gavyn Davies

Η προυπόθεση   China does not hard land.
Οι συνέπειες:
 "The exports of the euro area are about twice as vulnerable to the ‘fragile 8′ as the US, and a small number of euro area banks (especially in Spain) are very exposed to loan losses in the EMs. This means that there could be contagion to southern Europe, where some banks may already need to raise large amounts of new capital after the ECB’s stress tests."