Ivory Coast defaults on $2.3 billion eurobond payment

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The Ivory Coast has defaulted on its sovereign debt, failing to make a $2.3 billion payment of eurobonds to credit holders following the expiry of a 30-day grace period on Monday.

The payment was originally due to be made by the Ivory Coast on December 31, 2010. However, the government, which has been gripped in a political deadlock since the presidential elections last November, was unable to make the payment.

The yield on the eurobonds, which were issued last April and set to mature on Decembe

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