Why Brazil will be a buy again

Do you remember that old chestnut about emerging markets? The theory was that their fast growing economies would suffer less in a stock market downturn than old-fashioned ones such as Britain and the US. It certainly hasn't worked out that way. Indian, Russian and Chinese shares have plunged just as fast in the recent falls. And as they started dropping earlier than 'Anglo Saxon' stocks, they're all now officially in bear market territory. But about the worst of the lot has been Brazil. Has it now become a busted flush?