In many countries, a conventional response to all this might include a tough fiscal policy and a devaluation of the currency to improve competitiveness.

ECONOMIST: Keeping the reform alive | The

Expeditions depart from either Puerto Williams in Chile or Ushuaia in Argentina, and include a tough three- to four-day crossing of the notorious Drake Passage.

ECONOMIST: Icebergs ahoy | The

The tough measures include a proposed ban on all tobacco advertising in newspapers and magazines across the European Union, as well as in those intended for the EU market.

BBC: MEPs back tobacco promotion ban

Shadow foreign secretary William Hague said "smart sanctions" might include a ban on arms sales to Iran, tough UN shipping inspections and "action against the interests of the Iranian revolutionary guard corps".

BBC: Foreign Office questions