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Ex-Elliott Manager Jay Newman Sees the Worst Wave of EM Defaults In Decades

“It’s almost the perfect storm for EM.”

Customers queue with their containers to buy fuel at a gas station in Kandy, Sri Lanka, on Friday, June 17, 2022. 

Customers queue with their containers to buy fuel at a gas station in Kandy, Sri Lanka, on Friday, June 17, 2022. 

Photographer: Buddhika Weerasinghe/Bloomberg

Emerging markets are facing the worst crisis since more than two dozen developing countries defaulted on their bonds in the early-1980s era, according to the former Elliott Management Corp. portfolio manager who famously went head-to-head with Argentina over its own defaulted debt.

“It’s almost the perfect storm for EM,” Jay Newman says in an episode of the Odd Lots podcast