Mozambique insists it has got a good deal out of Credit Suisse and most of the other owners of the ProIndicus debt, but it will not say how much money has been written off, and how much it still has to pay.
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Some reports have said that UBS, which now owns Credit Suisse, has written off $100 million, presumably in addition to the $200m announced two years ago. Still, we don’t know how much of the loan was held by Credit Suisse, and how much will have been written off by other banks who bought portions of the loan, and who participated in this new agreement.
It is also unclear whether Mozambique has won any damages from Credit Suisse for the losses it claims to have suffered from the deals. The government has promised more details to come, with some negotiations with other parties still ongoing. If it transpires it has won no damages, this will not look like much of a victory.