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Azerbaijan: State-Run Bank Default Vexes International Investors

Azerbaijan rattled international investors this month when the country’s biggest lender, International Bank of Azerbaijan, announced it lacked the funds to pay bondholders and filed for bankruptcy protection in a New York court.

International investors who hold some of the bank’s $3.3 billion in foreign debt will have to accept a 20 percent loss in value or walk away entirely. And while it’s not uncommon for developing country banks to go bankrupt, it is rare when the bank is de facto government-owned and government-run, and the government in question has more than enough money to pay.

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Azerbaijan: State-Run Bank Default Vexes International Investors

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