Ecuador Slides Towards Restructuring

Ecuador Slides Towards Restructuring

Corporate & Sovereign Strategy

Ecuador’s government will decide what action to take regarding its “illegal” debt, as the release Thursday of special debt audit commission’s report should be followed by recommendations for action in early December. The global bonds due 2012 and 2030 “show serious signs of illegality,” the report says, alleging no government authorization for issuance and no transparency during negotiations. The commission makes no recommendation as to what action the government should take. Finance Min

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