Nigeria has joined rare company by committing a debt default by choice. If I had to bet I would say they reverse course shortly and make the payment but you never know. There has been a lot of talk lately of debt foregiveness what with the Iraq writeoff, the tsunami freeze, and the Argentine Heisman, so it is certainly possible that Nigeria simply feels a desire to reduce its foreign obligations. If Nigeria sticks to its guns on this it could make for some interesting viewing in EM bonds.
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