Skip to content

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.”

 

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: