(CNBC) Bill Rhodes, president and CEO of William Rhodes Global Advisors, told CNBC that he had been expecting a sell-off in emerging markets ever since the U.S. Federal Reserve first announced it was scaling back its massive stimulus program.
Rhodes — who was a key negotiator in the debt restructurings of some major emerging markets in the 1980s and 1990s — said that those countries that had not managed to reform their economies were "going to get hit."
"This has been a long time coming once the tapering was announced," he told CNBC's European Closing Bell.