Ivory Coast Defaults On $2.3 Billion In Bonds, Bonds Rise, Cocoa Drops

Tyler Durden's picture

Another confirmation of just how insane everything is comes from West Africa. The London Club announces that the Ivory Coast is now in default after the January 31, 30 day grace period expires, and bonds jump. And with former president Gbagbo now out of negotiating options, and likely to resort to violence, resulting in further destruction of cocoa supplies, cocoa futures... drop.