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This is What Happens When an African Country Says It Can’t Repay Bondholders on Time

Image via Bloomberg.

From the beginning of the COVID-19 economic crisis in Africa, African ministers have said repeatedly that they want to do everything possible to avoid a default on their commercial debt.

Yesterday’s announcement by the Zambian government that it will delay repayments on $3 billion of Eurobonds has shown why they’re so concerned.

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