Plan for Emerging Markets Pits Wall Street Versus Washington
- Relief for EMs is needed as virus spreads, debt veterans say
- With clarity may come broader program to re-evaluate EM debts
A pedestrian wearing a protective mask walks through the nearly deserted Plaza de Mayo in Buenos Aires on March 20.
Photographer: Sarah Pabst/BloombergThis article is for subscribers only.
When Bill Rhodes says the debt crisis that’s erupted across the world’s emerging markets is the worst he’s ever seen, it must be bad.
Rhodes, 84, knows a thing or two about the topic. The former Citigroup Inc. executive is a veteran of the 1980s Brady Plan that re-set the clock for Latin America’s struggling economies by creating a new debt structure for developing nations that’s largely in place to this day.