Monday, Dec 15, 2008
The bonds were “always structured for the benefit of the creditors, trampling on the national intere
bloomberg: Ecuador Default May Hit ‘True Monsters’ Harder Than Argentina
Ecuador may saddle investors with the biggest losses in a government bond restructuring since at least World War II after President Rafael Correa fulfilled a two-year pledge to default on debt he calls “illegitimate.”
The country’s three dollar-denominated bonds, with a total face value of $3.9 billion, fell below 25 cents on the dollar on Dec. 12 following Correa’s announcement that he wouldn’t make a $30.6 million interest payment due today, according to JPMorgan Chase & Co.
Posted by mark @ 12:16 PM (363 views) Add Comment
2 Comments
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1. stillthinking said...
Good for them. I see no reason why the people should suffer from generational debts because of incompetent corrupt government. Hopefully this will scare off lenders to Brown.
2. mountain goat said...
The true monsters should not lend them money in future. Lenders can be sharks but not paying back debts is wrong too.