Mozambique is becoming a case
study on the perils of rushing into markets at the edge of the world’s
financial system.Global investors who in 2013 thought they were lending a
state-owned company $850 million to buy a tuna fishing fleet learned within
months that the funds had been diverted to buy ships for the navy. Two years
later, they were told Mozambique intended to restructure the bonds, because the
fishing company’s revenue wasn’t holding up.Now, they are learning that Credit Suisse Group AG,
which led the bond sale with a Russian bank, had made another sizable loan to
Mozambique around the same time of the original bond sale. Read HERE.
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