" IN THE EARLY 1980s, long before anyone had heard of an emerging market, Peter Geraghty, then working for the Dutch NMB Bank swapping less-developed contry debt, would throw an annual Christmas party for his colleagues and competitors at a high-tone gallery on New York´s upper east side."He would invite everyone in the market - and there were 100 people there at the most," recalls Robert Smith of Turan Corp in Boston, Who was also in the exclusive debt-swap business. "


" By the time the Mexican government, the US Treasury and large US commercial banks agreed the first Brady deal, a handful of swap dealers had already been quietly trading less-developed country (LDC) debt for at least seven years. Martin Schubert, who founded Eurinam, and Robert Smith, who began Turan (both US-based boutique debt trading specialists) were among those... "


" Smith was constantly on the road, meeting with Central Bank officials and finance ministers, to divine their plans for debt payment and restructuring. At one point, his small company was able to dominate the $4.5 billion Nigerian promissory note market. "

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