(December 12, 2008) After months of threats, the government of Ecuador has made good on its promise to forego payment of foreign loans deemed illegitimate by the country’s debt audit commission.
Ecuador’s Correa says he’ll seek legal basis for debt default
(November 15, 2008) Ecuadorean president Rafael Correa said he’ll suspend payments on foreign debt he deems “illegitimate” should an upcoming report find there is legal basis to do so.
Ecuador may default on foreign debt deemed “illegitimate” debt, economy minister says
(February 7, 2007) Ecuador’s Economy Minister Ricardo Patino said late last month that his country had set up a commission to audit Ecuador’s US$10.3 billion external debt, and that Ecuador would not pay foreign debt that the commission declared "illegitimate."
