The International Monetary Fund said that there was no panic in emerging markets even as countries like India , Turkey and Argentina were facing sharp capital outflows and currency pressures. "This is not like May, this is not a panic situation," said Jose Vinals , director of the IMF's Monetary and Capital Markets Department , AFP reported. Vinals called the turbulence in emerging economies "a combination of idiosyncratic factors" across the countries affected, unlike the broad-based capital outflows earlier this year that was sparked by the expected tightening of US monetary policy by the Federal Reserve.
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