As a small, open economy dependent on banking, beach tourism and beef exports, Uruguay ought to be more exposed to the world recession than Argentina, with its large domestic market.

与阿根廷具有巨大的国内市场相比，作为一个依靠银行业、海滨旅游业和牛肉出口业的开放型的较小规模的经济体，乌拉圭本应受到世界经济衰退的更大打击。

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Alas, it may not, thanks to the third reason for the banks' malaise: the fragmented structure of Germany's domestic banking market.

ECONOMIST: There is no quick way out of the quagmire for Germany's banks

The bank has been on the prowl for U.S. assets, amid worry in Canada that the domestic banking market is headed for slower growth.

FORBES: New Federal Rules for Debt Collectors

They also gain access to a branch network and client list they could never afford to replicate, even after World Trade Organisation rules force China to open its domestic banking market fully from end-2006.

ECONOMIST: China's banking industry