- It suggested banks overall would be largely unscathed .
- Upsetting because , as late as last autumn , they dismissed the economic crisis as a western problem that would leave russia unscathed .
- Social-protection programmes have survived relatively unscathed .
- But other emerging markets would not escape unscathed .
- Flush with cash and unscathed by the credit crisis , asian investors have stepped up their purchases of japanese real estate over the past year .