ON THE MORNING of November 13th last year Zambias vice-president told parliament, This country will not default. Hours later the inevitable happened. Having destroyed its relationship with the IMF, struggled to provide clear data on its borrowing from China and failed to win a reprieve from bondholders, Zambia missed a deadline to pay interest and defaulted on its debt. Lenders could only shake their heads in bemusement.
For some poor countries like Zambia, a debt crisis has always been the story of a chaotic and corrupt government that has borrowed carelessly. But in the more complex creditor landscape of today, defaults can also, more than ever, be about struggling nations stuck in the web of diplomatic feuds that bind their credito…
Read the full article at: https://www.economist.com/international/2021/03/06/poor-countries-struggling-with-debt-fight-to-get-help
