I recently shorted EWZ the Brazilian ETF. Note the recovery of EWZ relative to EEM following the 2008 collapse.  It made a lower major low and is inherently weaker. If you think the USD will recover , interest rates increase and oil revenues decline then this could be the pick of emerging market shorts. There is also this

Sovereign Debt Crisis – Interest Expenses Are Already Consuming Large Portions of Tax Revenue

Much of the debt is USD denominated.

I can see this falling by 66% over the next year as it did in the previous crisis