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Andean Group - February 2012 (ISSN 1741-4466)
ECUADOR: Counting on Chinese credit
On 16 February President Rafael Correa announced that Ecuador would borrow a further US$1.7bn from China in July or August. Over the past four years, China has become Ecuador’s biggest foreign creditor (probably accounting for at least 60% of Ecuador’s foreign public debt), largely because international banks and traditional multilaterals have, respectively, either avoided or lent little to the country since 2008 when it decided to default on its foreign debt to commercial creditors.
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- ECONOMIC OVERVIEW: PERU
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