Plan for Emerging Markets Pits Wall Street Versus Washington (1)

When Bill Rhodes says the debt crisis that’s erupted across the world’s emerging markets is the worst he’s ever seen, it must be bad.

Rhodes, 84, knows a thing or two about the topic. The former Citigroup Inc. executive is a veteran of the 1980s Brady Plan that re-set the clock for Latin America’s struggling economies by creating a new debt structure for developing nations that’s largely in place to this day.

Bill Rhodes

Photographer: Pete Marovich/Bloomberg

“It’s going to be difficult,” Rhodes said in a Thursday interview. “You need to have some sort of coordination between the private and the public sectors.”

Three ...