Mon Dec 15, 2008 4:14pm GMT |
President Rafael Correa’s game of chicken with Ecuador’s external creditors finally came to an ugly end on Friday, when he announced he would prefer to take on the ‘monster’ bondholders in court rather than pay up. While many Ecuadoreans will no doubt admire their president’s courage for standing up to those responsible for the country’s [Read more...]
Tags: Bond, Correa, credit, Debt, Default, Ecuador, Willingness To Pay
Posted in: Financials, Geopolitics, Latin America
Tue Nov 18, 2008 4:20pm GMT |
On November 14 Ecuadorean President Rafael Correa’s government took its first major step along its ‘citizens’ revolution’, by refusing to pay US$30.6mn of external debt on time. Correa has long threatened to put ‘life’ [social spending] before debt’, however his rhetoric was finally met with action (or rather inaction) last Friday when Finance Minister María [Read more...]
Tags: Correa, Default, Ecuador, Restructuring
Posted in: General, Latin America