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October 6, 2008 7:25 PM

The only place unaffected by financial turmoil: Iraq

The Mexican peso plunged to its lowest level in years. In Argentina, stocks fell 10 percent. Brazil and Russia temporarily halted trading after a series of steep drops on their exchanges. Sweden, Denmark and Austria joined Ireland and Germany on a growing list of European countries that pledged to guarantee bank deposits to tamp down consumer worries. On the very day that Washington began to unfold the $700 billion economic rescue mission, foreign governments and investors seemed resigned to a long period of tight credit and turmoil.

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