Short-term trade finance has come apart in Latin America but banks and governments are focusing on home markets to the detriment of a global solution. The effects are reverberating hard in emerging markets and a dependence on devalued commodities and over-aggressive hedging by exporters are exacerbating the situation. Writer John Rumsey.

The worsening global financial outlook combined with a troubled economic environment at home have shaken Argentina’s government, and stalling over its debt negotiations has isolated the country further from international markets. Writer John Rumsey.

A conservative fiscal approach has left Chilean banks well placed to ride out the global financial downturn. However, opinion is divided on just how tough things are likely to get in the immediate future. Writer Jason Mitchell in Santiago.

The Andean Development Corporation (CAF), set up by various Latin American governments, is proof of the benefits of partnership between developing nations. Enrique García, the bank’s president, discusses the reasons behind its success. Writer Hugh O’Shaughnessy.

In recent months, the State Bank of Vietnam has allowed five international banks to convert into wholly owned local entities in the country, opening its banking sector up to competition and bringing broader products and services to the market. Writer Nick Freeman.

The president of Ukraine characterises his country’s economic outlook in the face of the current crisis as ‘difficult but not tragic’.

Ukraine’s banking system, loaded with external debt, has been one of the most exposed to the global credit crunch. IMF intervention is plugging the leaks for the time being but the country’s economic prospects remain bleak. Writer Nick Kochan.

Italian banks’ cautious approach has distanced them from the risky instruments and products at the heart of the economic crisis, yet prudence is more important than ever if they are to support the country’s ailing industries. Writer David Lane in Rome, Milan and Siena.

The new chief executive of Iceland’s recently nationalised Kaupthing Bank, Finnur Sveinbjörnsson, spoke to Charlie Corbett about what lies ahead for the nation’s crippled banking sector and how the government can restore its credibility.

The time for recriminations is over. Iceland’s political and financial system must be rebuilt, and fast, if it is to maintain the quality of life to which its people has become accustomed. EU membership is increasingly regarded as the only viable option but it will be hotly contested. Writer Charlie Corbett in Reykjavik.