Milbank Tweed Hadley & McCloy's Phillip Fletcher
outlines how the Naughty Nineties expanded access to capital
1990 brought in what many have termed, from a regulatory
perspective, as the Naughty Nineties, but the constructive
highlights of the year were the expanded access to capital
markets provided by two major legal innovations.
Brady Bonds The 1980s debt crisis left many developing
countries with major sovereign debt problems. The original
tonic featured ad hoc programmes of fresh loans and
commitments from debtors to structural adjustments. By 1989,
with the debt overhang still immovable, the IMF and World
Bank endorsed the Brady Plan, which called for debt...