Last week, Ethiopia and its bondholders came to an agreement on the restructuring of its sole $1 billion Eurobond, due to mature in 2024, and in default since end-2023. This does not quite mark the end of the saga – it still needs to be approved by a majority of bondholders, and formally recognised as comparable by the Official Creditor Committee (OCC). But as its co-chairs, China and France, have indicated that they did not object[1], this is seemingly the breakthrough which was needed. This could be the end of a 3-year process, including major debates on COT, which led to the collapse of a first agreement in January 2026 when the OCC rejected a deal between Ethiopia and its bondholders as too generous relative to the one with bilateral creditors. […]