Ecuador Declares Foreign
Debt Moratorium
Guayaquil -
Ecuadorian president,
Rafael Correa, declared
Friday a moratorium in
payment of the country´s
foreign debt which
exceeds us$10 billion
dollars.
“I gave the order to
suspend payment of
interests (on 2012
global bonds), so the
country is in default of
its external debt,”
affirmed Correa in a
declaration made to the
media in this city, 260
miles southwest of the
capital.
He said analysis of the
problem continues with
national and
international lawyers on
the legal strategy to
revoke an illegal and
illegitimate debt.
The president
highlighted his will to
face international
claims that bring with
them this decision and
assume the
responsibility for the
consequences of not
paying the obligations.
We are also ready to
present a restructuring
plan to creditors, as
not all, but most of the
debt is illegal,” he
emphasized.
Ecuador thus will not
pay the 30.6 million
dollars in interests due
for the 2012 global
funds, which expire next
Monday.
This statement was
awaited since last
November when the
President announced the
suspension of payment of
those interests and
recurred to the
so-called grace period.
That decision was
adopted after an
auditing Commission of
the foreign debt,
created by the national
government, denounced
the existence of dirty
deals, irregularities
and violations of
renegotiations of
financial commitments
contracted by the nation
over the last 30 years.
This week the Executive
began an international
campaign to expose the
audit. Report and seek
support to the
moratorium of the debt.
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