The Ivory Coast Just Defaulted On $2.3 Billion In Debt

Ivory Coast

Photo: AP

The Ivory Coast just defaulted on $2.3 billion in debt, according to Bloomberg.The country has missed the 30-day grace period on the Eurobonds, and has not payed the $29 million in interest it owes.

Its sitting president, Laurent Gbagbo, says that it has been unable to pay but will in the future.

Gbagbo has been under international and domestic pressure to give up his Presidency after losing in elections to opposition leader Alassane Ouattara.

The crisis thus far has only really impacted cocoa markets, with Gbagbo instituting a one-month ban on exports.

Don’t miss: The 19 countries most likely to default >

Read the full story at Bloomberg >

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