But we have a pretty good 5% position in dollar- denominated emerging market debt through Brady bonds.

FORBES: Unrealistic expectations

Brady bonds are U.S.-dollar denominated debt issued by non-U.S. countries, usually developing nations.

FORBES: 3 Bonds You May Have Never Heard Of

Brady Bonds are being touted like the modern day panacea for financial crisis.

BBC: The state of play in Athens

Brady bonds can be used to diversify risk internationally while sparing the portfolio from concerns stemming from fluctuating currency exchange rates.

FORBES: 3 Bonds You May Have Never Heard Of

Illiquid and nonperforming debt held by financial institutions from these countries can, with the Brady bonds, be converted into sustainable, performing debt.

FORBES: 3 Bonds You May Have Never Heard Of

Maybe it is me being thick, but given all this, why are Brady Bonds being touted seriously as the solution to it all?

BBC: The state of play in Athens

Brady bonds then become loans stemming from the previously non-performing debt.

FORBES: 3 Bonds You May Have Never Heard Of

The terms of the Brady bonds are negotiated by both sides.

FORBES: 3 Bonds You May Have Never Heard Of

The so-called Brady bonds, trading at 60 cents on the dollar, are supported by 30 cents per bond in U.S. Treasury holdings, making for a floor in value.

FORBES: Riding Out the Russias

Ecuador recently became the first country to default on its Brady bonds, which were created in the late 1980s to allow developing countries to repackage bad bank loans into new bonds backed by U.S. Treasury securities.

FORBES: Fact and Comment

Something like Brady bonds.

FORBES: Kicking The Can Down The Road

And far from dallying, the Fund has been in constant dialogue with the government during much of the last year, and even since the default on Brady bonds in September has offered financial support, provided Ecuador carried out agreed-upon policy measures and was making good-faith efforts to reach a collaborative agreement with its creditors.

ECONOMIST: Letters

The moment the ECB can truly perform the conjuring trick of a Brady solution in Europe is the moment it starts to raise taxes and issue transnational bonds against the tax revenue of the entire zone.

BBC: The state of play in Athens