IMF warns of new financial crisis if interest rates rise

http://www.theguardian.com/business/2015/sep/29/imf-warns-new-financial-crisis-interest-rates-rise

With the US Federal Reserve expected to raise interest rates in the coming months, the IMF warns that emerging market governments should ready themselves for an increase in corporate failures, as firms struggle to meet sharply higher borrowing costs.
That could create distress among the local banks who have bought much of this new debt, causing them in turn to rein in lending, in a "vicious cycle" reminiscent of the credit crisis of 2008-09.