Nasty surprises are a routine feature of the business of lending money or buying bonds. Recent history has given us various emerging markets crises, including those in 1997-98 affecting Asia and Russia, and more recently the Argentinian default.We have seen the unwinding of the dotcom boom and the disruption to markets following 11 September 2001. In addition, the stresses of the global economy have created their own difficulties and uncertainties, with 2001 being notably tough in most regions.
