Dear Friends:

Following is a link to an interview I did yesterday on Bloomberg Radio on the upcoming debt crisis in the emerging markets, provoked by the worldwide Covid19 pandemic that we are going through.  In my view this will be the worst debt crisis the emerging markets has faced in our lifetime, much more serious than the Latin American debt crisis in the 80s and the Asian debt crisis of the 90s.  This is going to effect not just sovereigns but also very seriously the private sector.  It is interesting to note that the headline of the Financial Times today, June 9th is, “Emerging economies to shrink for the first time in decades”, echoing my comments in this link.

Regards and stay safe,