Having fled these currencies in late 2011 as the euro zone's crisis deepened, investors returned to emerging markets and other riskier assets at the beginning of this year, buoyed by encouraging economic data out of the U.S. and signs the euro-zone debt crisis is calming down.
What would be more costly, a smallish global effort now to help turn the promising euro zone rescue fund into a market-calming firewall, or a massive bailout next year from another global financial crisis and market meltdown as was required in 2008?