China springs its debt trap on EMs

They were warned repeatedly. Jay Newman was a senior portfolio manager at Elliott Management, and is the author of Undermoney, a thriller about the illicit money that courses through the global economy writes at FTAlphaville. 

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Investors in emerging market sovereign debt are junkies — addicted to the illusion of higher yields. Truth be told, they’re also addicted to the adrenaline rush that comes from sitting at the high table to negotiate restructuring terms after a default.

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