When Pakistan’s economy is facing a looming financial meltdown, one might expect that news to be a lead story.  But the fact that Pakistan’s news has gotten lost in the shuffle is simply a sign of the times. There are so many other nations in economic crisis it’s hard to keep up.   Because the news is filled with alarming financial stories from around the world, we have begun work on a new section of our website dedicated to theGlobal Crisis.

The first financial shockwaves were felt in the US and Western Europe. But now the tremors are being felt throughout the developing world, from the Ukraine in Eastern Europe to Pakistan in South Asia.

IMF has been called in to rescue Iceland, Hungary and Ukraine, while Romania teeters on the brink.

Latin American economies are reeling and Vietnam and the Philippines are batting down the hatches.  The UK economy is shrinking and even China is seeing a slowdown.  But that’s just the tip of the iceberg.  To make matters worse, nervous foreign investors are backing away from emerging-markets.  That’s causing currencies in Brazil, Mexico, South Korea, Turkey, South Africa, and elsewhere to nosedive. With weak local currencies and foreign capital drying up, Central Banks can no longer lend, borrow, or cover their own debt.

For an overview of this news, there’s an article in USA Today.

Read:Global financial crisis may hit hardest outside U.S.

Be sure and check back here for more detailed news from around the globe.