Ethiopia’s Peace Rally All But Gone as Default Possibility Grows
- Default concerns are rising on no progress with IMF or G20
- Ethiopia has $33 million eurobond coupon due in December
Abiy Ahmed
Photographer: Eduardo Soteras/AFP/Getty ImagesThis article is for subscribers only.
Ethiopia’s sole eurobond is close to erasing gains made since a peace process started to end its catastrophic civil war, as investors increase bets that the Horn of Africa nation will default.
The price on its $1 billion in debt due December 2024 fell 0.8 cents on the dollar to 63.88 cents as of 8:55 a.m. in London, the biggest drop in two months to the lowest since January. The securities have declined for nine of the past ten days as optimism about the nation’s future dissipates.