Here are alarms from the IMF

Please consider this:

http://www.telegraph.co.uk/finance/economics/11916485/3-trillion-corporate-credit-crunch-looms-as-debtors-face-day-of-reckoning.html

The question is:

who had 3 trillion dollars 

to lend to the emerging economies?

There is only one nation that has the printing machines to print out this kind of money. 
So the emerging economies are now heavily in debt with this nation-that-we-will-not-name.
It is for this that this nation-that-will-not-be-named enjoys the moniker as the 

FINANCIAL HEGEMON OF THE WORLD.

It the emerging economies default, will this bring down this nation-that-we-have-yet-not-named. Of course NOT! 
It can print itself out of any predicament.