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Mandela's Widow to Credit Suisse: Write Off Mozambique Debt

  • Mozambique defaulted on $2 billion of previously hidden debt
  • Ex-finance minister and former Credit Suisse bankers arrested
Graca Machel
Graca MachelPhotographer: Gulshan Khan/AFP via Getty Images
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Mozambique shouldn’t repay any of the loans it got from Credit Suisse AG as part of a $2 billion sovereign debt scandal that’s seen three former employees and an ex-finance minister arrested, a group of non-governmental organizations said.

“We demand that Credit Suisse publicly declare that the Mozambican people should not pay a single cent on those debts,” the group said in a letter to the bank signed by people including Graca Machel, Nelson Mandela’s widow. “Recovery of any money should come from the companies and individuals who, instead, have benefited from this chaos.”