How exposed are EMs to contagion from Greece?

The fact that the mounting concerns about Greece’s future within the euro-zone have had only a limited impact on financial markets across the emerging world appears to reflect the belief that problems in Greece should be contained. Some EMs are more vulnerable than others, with countries in Emerging Europe looking particularly exposed. But even in these parts of the emerging world, vulnerabilities have been reduced compared to 2012 when problems in the euro-zone last flared up.