From the overview: The past year has been the most difficult period for emerging market (EM) borrowers since the establishment of the Principles in 2004. Cross-border financing flows have been disrupted by the global financial crisis, while emerging markets’ export earnings—especially from commodities, but also from other goods and services—have plummeted in the deep worldwide recession. Strains were already emerging by late 2007, but financing conditions worsened dramatically in the fourth quarter of 2008, when the slowing of capital inflows from private creditors was transformed almost overnight into a generalized aversion toward assets with any perceived risk—including claims on emerging markets.[...]