Ecuador to Gain Little from Default

Ecuador to Gain Little from Default

Corporate & Sovereign Strategy

Rafael Correa’s government has little to gain by missing a $31m interest payment on 2012 dollar bonds due this past weekend, analysts say. The government announced Friday that it would skip the payment and use the 30-day grace period to decide whether to honor the debt. The government has been threatening to stop paying its 2012, 2015 and 2030 bonds, after a special commission report – due to be made public November 20 – found the debt to be “illegitimate.” “Ecuador has much more to lose than to

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