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Africa's new debtors

As Western campaigners congratulate themselves on achieving the cancellation or reduction of African countries' foreign debts, the grateful recipients are seeking new ways to borrow more. They aim to finance investment by issuing foreign currency bonds on commercial terms. After the Multilateral Debt Relief Initiative, the Highly Indebted Poor Countries Initiative and bilateral debt write-offs, international money-people see some African states as potentially profitable places to put their money....

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Africa's new debtors

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