Another developing nation default

The Horn of Africa nation had to pay a $33 million coupon on Dec. 11…The default puts Ethiopia among a growing number of developing nations that have defaulted on Eurobonds in recent years, including Zambia, Ghana and Sri Lanka…

Ethiopia is seeking to renegotiate its obligations through the Group of 20’s Common Framework…The nation reached an in-principle agreement with bilateral creditors to suspend debt payments, having sought to rework its liabilities since 2021 as a civil war in the northern Tigray region soured investor sentiment and sapped economic growth.