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The man who seized one of Argentina’s ships now warns there will be a wave of emerging-market defaults

Jay Newman is something of an emerging-markets legend. At Elliott Management, he led their successful campaign to get Argentina to pay out on defaulted debt — which included the seizure of a naval vessel with sailors on board — to the tune of $2.4 billion. “We are on the brink of an epidemic of emerging market defaults, the scale and scope of which will rival the debt crisis of the 1980s,” he wrote in an op-ed in the Financial Times. “Rate increases by Western central banks, fallout from the COVID pandemic, surging food and fuel prices resulting from the economic fallout of the war between Russia and Ukraine, mismanagement, and outright corruption all are contributing factors.”

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