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Ecuador Still Undecided on Debt Default
Ecuador hasn't decided whether to default on foreign debt as oil revenue plunges and doesn't take the decision "lightly," Finance Minister Maria Elsa Viteri said.

President Rafael Correa will announce the decision when he is ready to do so, Viteri told reporters today in Washington. She's scheduled to meet U.S. congressional staff during the trip as the government seeks to drum up support for its position that much of its foreign debt was contracted illegally.

"This should not affect other debt issuance in the future," Viteri said.
'Course not. Just ask GM ...
Ecuador has threatened to default on $3.9 billion in bonds because it says a government-commissioned audit found evidence of criminal violations in connection with the issuance of the debt. The government skipped a $30.6 million bond payment on Nov. 15, invoking a 30-day grace period.
Looks like they've decided to default.

Posted by: Fred 2008-12-13
http://www.rantburg.com/poparticle.php?ID=257132