Ethiopia is now the latest African nation to default by failing to pay a $33 million coupon on its bond by the December 11 deadline.
This puts them in the company of Zambia, Ghana, and Sri Lanka, who have also defaulted on their eurobond payments.
Recently, Ethiopia had reached an agreement with bilateral creditors to suspend loan payments. They requested an extension of maturity until January 2032 and a reduced yield of 5.5%.
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