Emerging economies are in a tough position at the moment thanks to the double whammy of a major health crisis, for which many are ill-prepared, plus a brewing economic crisis. And because developing nations are huge borrowers in international markets, there are worries that we may be about to see the biggest EM debt crisis ever. For that reason, there are rumblings of another “Brady Plan” for EM, a new version of the arrangement that facilitated a wave of debt restructurings in the 1980s.