Japan is mulling whether to renew a currency-swap agreement that expires in October.

ECONOMIST: Strained relations between Japan and South Korea

All three countries are looking to China for support: Venezuela and Ecuador have signed investment agreements, and Argentina has a currency-swap line aimed at reducing its need for dollars.

ECONOMIST: Latin America's economies

Regardless of the amount of difficulty involved, the big four emerging markets plus South Africa said earlier this week they were considering setting up a foreign-exchange reserve pool and a currency-swap arrangement in an effort to avoid any credit crisis stemming from the advanced economies.

FORBES: China's Central Bank Willing To Share $3 Trillion

The Bank and the People's Bank of China are close to signing a three-year currency swap arrangement, governor Sir Mervyn King said.

BBC: UK and China poised for currency swap deal

Quite apart from the risk that some crisis in a currency or stock or credit swap market could cause a meltdown on Wall Street, there is the risk that the public could turn against securities firms, especially those that so visibly wear multiple hats.

FORBES: Gold Man

Mr Buiter acknowledges that Britain has access to currency swap lines from the world's biggest central banks, which would help it prevent a run on the banks.

ECONOMIST: Iceland