Brazil's problems still look manageable, though the central bank would be wise to let the currency slip: intervening against the market is a sure way to lose money.

ECONOMIST: Argentine, and other, woes are dragging the region down

Mr Egal has even let slip that Somaliland's currency reserves are sitting in the State Bank of Ethiopia in Addis Ababa, pending the opening of a Hargeisa branch.

ECONOMIST: Somaliland

The OECD has been largely wrong in the past few years, but in this they agree with many private forecasters - and the likes of the European Central Bank (ECB), which has also suggested that the eurozone is likely to slip into recession.

BBC: Osborne, Balls and the OECD: Where they agree