Most notable, in the view of the BIS, was the “onset of turmoil in the US market for sub-prime mortgages which rapidly affected many other financial markets ….” In the case of South Africa, however, the effects of this turmoil in international financial markets, so far, have been indirect.
Under the latest  6  BIS central bankers’ speeches  indicators, the economic downturn in the euro area in 2012 may be softer than the assumed 0.5%, though deviations are possible in both directions. Fiscal policy will also have a significant impact on the perception of country risk.