What Is Different About EM Distress Debt?

The late 80s, early 90s were very different than the state of EM debt today. How is EM Distress debt today different than it was 30 years ago? So Distress is different and EM is different. You know, when I got to Merrill in 1995, and you looked at the trade blotter of who you were trading with,. It was basically banks trading with each other.