Bread, debt and politics make volatile mix in Tunisia

Investors are not happy either. They have punished Tunisian bonds, worried that a rise in food and energy costs and the loss of Russian tourists could accelerate the cash issuer in the direction of a default. Tunisia’s economy is now less than 90% of its size before the uprising over a decade ago, while the ratio of government debt to gross domestic product has almost doubled to around 88%, and the IMF expects it to reach 99.7% by 2025.

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