The emerging markets are currently in the spotlight. Due to the massive currency price losses in places, the question arises as to whether there is now the threat of payment defaults. However, the situation between the different countries is significantly more heterogeneous than was the case, for example, in the 1980s and 1990s. Some countries are coping better than others with the currency price losses. Therefore, a general conflagration accompanied by an extensive payment default in the emerging markets is not to be anticipated.