The Brady Plan – The First 10 Years and Beyond

In March 1989, then US-Treasury Secretary Nicholas F. Brady articulated new principles for addressing the debt crisis that had plagued Latin America for most of the 1980s. First implemented in Mexico in March 1990, the Brady Plan effectively ended the debt crisis and initiated a new era of emerging markets finance. It should be seen as a step in a continuing process of debtor country development and integration into the global economy that may take decades to complete, writes Michael M. Chamberlin of the Emerging Markets Traders Association.