" According to BIS data, professionally managed funds increased their stake in emerging market equity and bonds from $900 billion to $1.4 trillion between 2008 and 2014.11 Set against global totals running into the tens of trillions, those were not huge numbers. But they were comparable to the stock of toxic subprime assets, which had caused such havoc in 2007–2008, and to the debts of Greece, Spain and Ireland, which had destabilized the eurozone in 2010–2012. After subprime and after eurozone sovereign debt, were emerging markets to be the next volume in the “trilogy” of debt crises?12 "

― Adam Tooze , Crashed: How a Decade of Financial Crises Changed the World