Tag: Journal of International Banking Law and Regulation

Ecuador’s Sovereign Default: A Pyrrhic Victory for Odious Debt?

(February 28, 2010) Ecuador’s strategic default on some of its external debt last year has drawn much commentary and generated passionate reactions. Some commentators who advocate creating a mechanism for addressing odious or illegitimate debt encouraged Ecuador to repudiate its obligations and have generally applauded its decision to do so. For those who are sympathetic to efforts to create such a mechanism, however, this enthusiasm may be misplaced.