Odious Debts

Ecuador’s leader fuels default fear

Financial Times
November 17, 2008

Rafael Correa, Ecuador’s left-wing president, has heightened fears that the Andean nation will default on parts of its $10bn (£6.8bn) foreign debt, saying an internal audit due this week will determine if the debt is “illegitimate”.

“If there are sufficient grounds for illegitimacy, we won’t pay this debt,” he said.

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Categories: Odious Debts

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