Rear Admiral Peter Brady, Executive Director

'I personally don't see a huge resemblance, maybe besides the facial hair,' Brady told Huffington Post.

The hunter and the wolf U.S. Men's Archery Team member Brady Ellison, left, has been compared to Leonardo DiCaprio since he was a kid

U.S. Men's Archery Team member Brady Ellison has caused a storm on Twitter after images of him looking eerily similar to the Wolf of Wall Street star surfaced.

Inevitably, the Brady Plan looks like a good model for southern Europe. Why not avoid seven years of misery, and begin some similar rescue operation now that could lead to a return to economic vigor and dynamism?

When Latin American debt was restructured in the 1980 s under the Brady Plan, these sweeteners were provided by the United States Treasury. This time around, the International Monetary Fund and the German government should fill that role.

The initiative for the Brady Plan did not come from the official sector at all. It was the willingness of some large financial institutions to trade in discounted debt that established a market that could clear out the legacy of past mistakes.

The most reasonable comparison is with Latin American countries during their debt crises in the 1980 s and 1990 s. Despite significantly lower debt GDP ratios and continuous debt restructuring, they eventually needed the large debt reduction that came with the issuance of Brady bonds to achieve some breathing room.

Moreover, despite the obvious reform fatigue of Latin American electorates, the debtor countries had engaged in a substantial measure of reform. Before the Brady Plan was announced, Mexico had accepted a wide ranging Pact of Economic Solidarity and Growth, which immediately improve investor confidence and reduced sky high domestic interest rates.

In the United States successful Brady Bond plan in 1989, the debtors Mexico, Argentina, and Brazil agreed to pay what they could. The banks that had loaned them the money replaced the old debt with new bonds at par value, which averaged 50 of the old bonds, and the US government provided some sweeteners.

Existing debt agreements are not sufficient without a decade of strong growth, which appears unlikely, to say the least. European governments and banks ultimately will need a solution similar to Brady bonds, which worked quite well in overcoming the 1990s Latin American debt crisis and the threat that it posed to highly exposed US money center banks.

More than three years passed before new US Treasury Secretary Nicholas Brady set out a more satisfactory program, in which banks would be given a menu of options that included lower interest rates on the debt and a hefty discount on the principal. If creditor banks were unwilling to accept some form of restructuring, they would have to put in new money.

Without the preconditions that made the Brady Plan work, simply transplanting a debt write off would only augment uncertainty and fuel the political revulsion that already threatens to undermine European integration. And it may be that Europe because of its relative prosperity is less in a mood for the biblical seven lean years than was a much poorer Latin America in the 1980 s.

On this topic, there is no shortage of expert plans among them bond buy backs, bond swaps, and the creation of Eurobonds, a European version of the Brady bonds issued by Latin American countries that defaulted in the 1980 s. What all such schemes amount to is piling one lot of bonds on top of another in an attempt to square the circle of Greece s inability to pay, and to minimize the losses faced by its creditors mostly European banks.