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Mozambique's 'tuna bond': time to smile

  • 29-12-2016 2:45pm
    #1
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,674 ✭✭✭✭


    Given the plethora of RIP threads, lets have a smile:

    http://www.rte.ie/news/business/2016/1229/841679-sec-probes-banks-that-sold-tuna-bond-report/

    ....The US Securities and Exchange Commission is investigating the sale of $850m in bonds issued by Mozambique by Credit Suisse, Russia's VTB Group and BNP Paribas....

    ...The bonds were sold in 2013 to finance Mozambican state-owned fishing company EMATUM's plans to develop tuna fishing in the impoverished nation....

    okay so far

    now the smiley bit

    :):):):) But the government later said it had also bought military equipment with the funds. :):):):)

    And the wrapper

    ..The southern African nation said in October its debt was unsustainable...

    “I can’t pay my staff or mortgage with instagram likes”.



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