Gramercy: Banks Forced Withdrawal From Emerging Markets Likely To Create Liquidity Crisis

Market liquidity is at times one of those little-discussed footnotes in an investment thesis that is typically understood by those with deep knowledge with broad interests. It takes a nuanced understanding to recognize that even defining liquidity is not a confirmed science. Some say volume is not entirely a true sign of liquidity, which can change rapidly, particularly during a market crisis. It is in this environment that Greenwich, CT-based Gramercy Funds Management  notes a significant change in emerging market liquidity, one that presents challenges as well as opportunity as the amount of debt has grown exponentially. [dalio]   Gramercy…