Mexico blew up the LDC crisis in 1982 but the Brady Plan wasn’t introduced until 1989. The 1980s were a lost decade for most of Latin America as debt negotiations advanced slowly, stalled, and broke down.
The same dynamics have affected many other defaulting nations. Even with EU support the Greek debt crisis has been a tortuously slow affair, with debt plans agreed only to be shown to be too moderate to allow the country to grow again.
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