Ethiopia could become latest African country to default after missing bond payment

Ethiopia failed to pay a $33m bond coupon on Monday and looks set to become the latest African country to default on its debt unless a restructuring agreement can be found with international bondholders within the 14-day grace period. A call is scheduled for Thursday with Ethiopia’s creditors to try and find a last-ditch agreement, but markets now expect Ethiopia to join Zambia and Ghana as Africa’s latest debt defaulters.