….a country which has defaulted on its foreign obligations time and again and have also seen currency devaluation and hyperinflation raised 100 years money from international bond markets last year around 8% . The liquidity coming into EM was so strong last year that this issue was oversubscribed and the bond even traded at premium. Now the liquidity is turning away from Emerging Markets and as warren Buffett says You only come to know who is swimming naked when the tide turns
