Strong US dollar creates trouble abroad
It is threatening emerging economies where firms have taken on US$-based debt.
IN India, it is a leading electric utility - Jaiprakash Power Ventures - that, having increased its debts thirtyfold in six years, is now selling off facilities and negotiating with lenders to avoid a default.
In China, it is one of the country's largest real estate developers, the Kaisa Group, threatening to pay only 2.4 cents on the dollar to its creditors in the face of corruption investigations and a mass resignation of executives, leaving countless would-be Chinese homebuyers stuck in the middle of a multibillion-dollar stand-off.
And in Brazil, a wave of bankruptcies among sugar producers has been driven not just by falling sugar prices, but also by debts that they owe in US dollars, which are becoming more expensive practically by the day compared with the Brazilian currency.
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