Posts Tagged ‘Ecuador economy’
Ecuador to Default on External Debt
11:45 am By Maegan La Mala · economy|Ecuador|Money · Comments Off
15 Dec 2008
Ecuadorian President Rafael Correa announced that his country would not pay back the remaining balance on it’s external debt, saying that the debt is immoral and illegitimate.
The decision of defaulting on the global bonds (2012, 2015 and 2030) was taken by Correa after the official presentation of the final report from the Public Credit Audit Commission (Comision para la Auditoria Integral del Crédito Público, CAIC [es]) audit regarding Ecuador’s foreign debt. Ecuador’s decision to stop payments on the interest on its national debt is it’s second in two decades, the other coming in 1999, when it defaulted on $10 billion. In 2008, the figure stands at $3.9 billion.
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