Photo Gallery Looking for Help from the IMF
Argentina experienced bankruptcy once already in 2001. The country could once again be headed for financial calamity. Investors are already pulling their money out of Argentine banks.
Hungary was doing remarkably well economically until recently. Now, it has become the first European Union country to require a bailout package from the International Monetary Fund.
Ukraine too is suffering. The country's currency is in freefall and, with the price of steel dropping rapidly, the future looks bleak. The government in Kiev is having difficulty finding agreement on how to steer out of the crisis.
Analysts are particularly worried about Pakistan. The country could be just weeks away from bankruptcy and the instability that would come with it.
Hard currency in Pakistan has become difficult to come by as the value of the rupee has plunged.
German Foreign Minister Frank-Walter Steinmeier was in Pakistan last week and called for urgent measures to be taken to help the ailing country.
The International Monetary Fund has already helped out Ukraine, Iceland and Hungary. If many more countries need assistance, the IMF may need help of its own.
Iceland was the first country to require IMF assistance during the current financial crisis. Prime Minister Geir Haarde was forced to dramatically increase interest rates last week.
