Ethiopia has no money to pay bondholders.

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By vexwift.com

Ethiopia has no money to pay bondholders. Ministry of finance said it could not pay interest on $33 million in bonds due December 11, which may force a default. After the Finance Minister’s statement, Ethiopia plans to contact the bondholders

“We are confident that we can work out a plan that works for both of us and have a good chance of being accepted by the official creditor committee (hence the need for broadly similar treatment),” Eyob Tekalign, State Minister of Fiscal Policy and Public Finance, told Western media.

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