Ecuador: time to hit the international bond markets?
Ecuador is on the brink of its biggest budget deficit on record. So there is talk of the Andean country biting the bullet and tapping the international debt markets for the first time since defaulting over four years ago.
Rafael Correa, the leftwing president seeking his second re-election next month, has been driving growth thanks to tax collection and public spending as the price of oil, which is Ecuador’s main source of revenue, has been losing steam. Could it happen? Continue reading »
Ecuador: too small of a fish to fry for vulture funds
The ballyhoo over a New York court ruling ordering Argentina to pay $1.3bn to holdout creditors, has raised questions over whether Ecuador could also be dragged to court by so-called vulture funds.
Unfortunately for some bondholders, but luckily for Ecuador’s government, it seems very unlikely, at least according to some commentators consulted by beyondbrics. Continue reading »
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