How Africa's 'ticket' to prosperity fuelled a debt bomb
The debt crisis in Africa highlights the potential pitfalls when sophisticated financial markets meet impoverished countries that are eager to develop. PHOTO | SHUTTERSTOCK
In 2002, Africa seemed poised to rise. Wealthy creditor nations were wiping billions of dollars of unsustainable debt off the books of sub-Saharan countries, and global demand was surging for the commodities the region exports, supercharging hopes of a sustained economic boom.
The United Nations, backed by the United States, had a plan to fuel the expansion: sovereign credit ratings.
