Is Schilanka the Leading Indicator?

Inflation in europe is running at six%, but real wages are running at two%. So it means that there's a drop of four % and real incomes in europe right now. And then finally, what you are also seein is in the nether regions, in the emerging markets. All of this is impacting on emerging markets ability to survive and pay their debts. Although normally a default in schilanka, which happened this week, would not necessarily be an issue. The question is, is it a canary in the coal mine? Is schilanka the leading indicator? Where schilanka goes, turkey goes, argentina goes brazil, goes all south americ