Ethiopia's bad year: From unending civil war to drought, default on Eurobond

It has been a bad year for Ethiopia, a country with very low forex reserves, a double-digit inflation, high external debt, and just recovering from a civil war, and economists warn that it could be on the verge of economic crisis after it missed interest payment on its only sovereign bond this week.

Ethiopia formally defaulted on $33 million interest repayment on its $1 billion Eurobond, joining Zambia and Ghana, the other bond defaulters on the continent.