Brazil suspended interest payments on more than $60 billion in debt earlier this year, and has been a source of deep concern among international bankers.

A key factor, he said, was the close relations among central bankers, which enabled them to coordinate market interventions.

Among bankers, policies differ in how to approach the newly bankrupt.

He had a thoughtful hold of what he knew, which would be exceptional among bankers.

The result was that grumbling began to spread among some traders and bankers.

Just how big a step, though, is the subject of lively debate among analysts and bankers here.

Calling a turn in Asia's battered economies has become something of a sport among bankers here.

Italy is planning to borrow $1 billion in the international bond market, according to sources among dealers and bankers.

"The problem for the industry has been a lack of agreement about how the costs should be shared among merchants, bankers and consumers," he said.

That kind of deal-making has already raised concerns among bankers involved in the bailout.