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Agencies Chop Ecuador

Nov 17, 2008

S&P has cut its sovereign rating on Ecuador to CCC minus from B minus and Moody’s chopped to Caa1 from B3, both implying a very high default probability. The moves were motivated by the government’s announcement...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

Julio Velarde, Peru central bank


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