Finance
The Pandemic Pushes Emerging Markets Into a Debt Crisis, Yet Again
Everyone agrees some relief is needed, but how much and who pays?
Quito, Ecuador
Photographer: Franklin Jacome/Agencia Press South/Getty ImagesThis article is for subscribers only.
The coronavirus pandemic is pushing the developing world to the brink of a debt crisis. Wall Street’s fund managers will be one hurdle to a solution.
Investors expect their coupon payments. Emerging markets, which owe more than $8.4 trillion in foreign currency debts, or about 30% of the developing world’s gross domestic product, need to fund health services as they deal with a global economic crash and still come out the other side afloat.