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 »