Last month marked the 30th anniversary of the announcement of the “Brady plan”.

 In response to the 1980s Latin American debt crisis, this plan, named after then US Treasury Secretary Nicholas Brady, allowed countries to exchange their commercial bank loans for bonds backed by US Treasuries, bringing an end to a tumultuous period with possible systemic consequences for the global banking system at the time. 

In what was then a novel approach, banks agreed to provide much needed debt relief—the average write down was 35 percent—in exchange for risk-free tradable instruments.

https://blogs.imf.org/2019/04/11/the-imf-30-years-after-brady/

Skuldkrisen - LDC Debt

Rolf Englund, Den Stora bankkraschen, Timbro, 1983