Ecuadorean President Rafael Correa Announces Default on Debt
By Mariela Rosario | 12/17/2008 - 16:30

Leftist President Rafael Correa announced recently that he would not take strides to repay the 30.6 billion dollars still owed on Ecuador's Global 2012 bond. Saying the debt was illegitimate, Correa confirmed that the amount would remain unpaid and stood behind a presidential commission that recommended Ecuador default on almost 40 per cent of foreign debt.

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