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Zambia: Third Time’s a Charm?

Zambia reached an agreement with a steering committee of investors to restructure its three outstanding eurobonds, more than three years after defaulting. Two initial agreements were rejected in November, once by the IMF and twice by the Official Creditor Committee (OCC), causing fears of a complete deadlock and a meltdown of the Common Framework — we discussed this comparability conundrum back then with Brad Setser at the FT’s Alphaville. […]