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Ivory Coast Defaults on Eurobond

February 2, 2011

Yes yes yes stick it to ’em!

I think this is more because of political tensions (apparently 2 guys claim victory in recent elections) than the ability to pay, but it is still a default.

Ivory Coast reneged on $2.3 billion of Eurobonds, becoming the first nation to default in a year. PresidentLaurent Gbagbo’s government pledged to pay creditors, without specifying a date.

“We will be making the payment,” Alcide Djedje, foreign affairs minister in Gbagbo’s administration, said in an interview in Addis Ababa, where he’s attending an African Union meeting. “We do have the money of course. We have been paying civil servants. I don’t have a date yet but we will definitely pay.”


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