Precursor signals of serial defaults This was one of the big menus of the last meeting of the G20 Finance held on Saturday July 16 in Bali and closed without any substantial agreement between public and private creditors. While waiting for the October summit, 9 African countries have seen their debt spreads soar spectacularly. Investors’ natural aversion to risk and their Pavlovian reflex to anticipation mean that they are now asking for more pledges before acquiring debt paper from these 9 countries which have abused the delights of Capua too much. Thus, on July 20,
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