Shares tumbled across world markets after Brazil devalued its currency and its central bank governor resigned.
Policymakers from G7 countries fear that investors could withdraw funds from other emerging markets, making global recession a possibility.
The British and American markets fell sharply but later partially recovered after President Clinton said he was consulting with other G7 nations about the crisis.
The crisis was triggered after a Brazilian state governor declared a 90-day moratorium on debt repayments to central government.
Financial Times 14/01/99 page 1, page 2, page 29 (Editorial), page 30 (Lex), page 52, page 56 (Market Report)
The Daily Telegraph 14/01/99 page 1, page 16, page 29, page 30 (The Market), page 31 (City Comment)
The Times 14/01/99 page 1, page 20, page 25, page 27 (Commentary), page 28 (Stock Market)
The Independent 14/01/99 page 1, page 16, page 17, page 19,page 21 (Market Report)
The Guardian 14/01/99 page 2, page 15, page 19
