The first to take away the results from the Electoral Commissioner in front of international and national news media, and now this!
Economy Lab
We'll pay later, says Ivory Coast
Brian Milner
Globe
Posted on
Honours for the first official defaulter of 2011 go to Ivory Coast, which is stiffing holders of $2.3-billion (U.S.) worth of eurobonds. Laurent Gbagbo's government says it will meet its obligations at some point. Just don't hold your breath.
His foreign affairs minister airily declared: "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." Those are brave words from a government that lost the election in November but decided to stay in power anyway. So congrats if you had the right pick in your sovereign deadbeat pool.
If you believe him, now is the time to load up. The bonds, which went on the market just last spring, trade for about 35 to 40 cents on the dollar. That's about the right level at this stage.
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