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Zambia Defaults, Economically and Politically

[ISS] Many African countries are sinking further into unsustainable debt. Last November Zambia epitomised the problem when it defaulted on a US$42.5 million payment on a Eurobond. 'The government went on a borrowing spree over the last few years and was then unable to repay,' notes Peter Leon, co-chair of the Africa group at the law firm Herbert Smith Freehills.

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