The financial arm of the Organization for Black Sea Economic Cooperation. Members include Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. Founded February 1998. A program established in 1990 to restructure the heavy debt burdens of emerging-markets countries. Named after U.S. Treasury Secretary Nicholas Brady, it uses multilateral agencies such as the IMF and the World Bank to provide funding.
Debtor nations are responsible for long-term interest payments.
Bradys or Brady-style issues have been set up for Mexico, Venezuela, Brazil, Argentina, Panama, Philippines, Poland, Bulgaria, Morocco, Nigeria and Russia. Some of those nations are in the process of eliminating much of that form of debt. A short-term loan designed to serve a company or government until permanent financing is available. Also called a swing loan. Caribbean Community and Common Market.