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Country Risk December 1997: It could be worse

Issuer: UPM-Kymmene

The global bear market has started. It will knock the stock markets of the mature economies back 20% off their peaks, and emerging-market debt and equity by much more.

Which are Asia's strongest companies? With the region's corporates facing difficult market conditions, declining stock prices and a credit squeeze, the difference between Asia's many underperformers and its increasingly global star players is likely to grow. Asia's leading analysts gave their views of the best companies by sector and region in Euromoney's annual survey. The results contain a few surprises. In the Indian sub-continent - included this year for the first time - Pakistan's companies are rated higher than their counterparts in India. Research by Rebecca Dobson

Trade unions and opposition parties aren't happy, but Greece's harsh budget may just put the country on course to join the European single currency. Yet, as Robert Minto reports, recent currency volatility and stock-market woes suggest the road ahead may be long and hard

Whether for acquisition, expansion or simply to meet regulations, banks are finding there are better ways to raise capital than straight equity issues. Innovations include issuing preference shares, step-up and call bonds and asset-backed securities. Jules Stewart reports.

A snowboarder in Utah says we're heading for a global liquidity squeeze: capital will self-destruct and the world financial system will need to reinvent itself, as it did after 1929, 1945 and 1971. He may be wrong. If he's right, what does it mean for the dealers and investors who grew rich and famous on global euphoria? David Shirreff reports.

Global Economic Projections: Overall Rankings

If there's ever been a better reason to begin or renew your subscription to Euromoney, this is it. We're told that the Bank of Japan only found out about Yamaichi's off-balance-sheet losses the Saturday before the securities house went into liquidation last month.

Asian banks: Now comes the real crisis

When Jan McCourt fell victim to staff trimming at Dresdner Kleinwort Benson this summer, his first reaction was to look for another City job. He then had a change of heart, and left his 14-year career in finance, to run a small farm in the heart of England. He specializes in providing naturally reared meats, with the motto: "You may not be interested in the life history of a piece of meat on your plate. Well you should be!"

Only the best will survive