Poor countries struggling with debt fight to get help
ON THE MORNING of November 13th last year Zambia’s 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.
