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Andean Group - June 2014 (ISSN 1741-4466)
ECONOMY: Back with a bang
Five and a half years after declaring a ‘selective’ default and being branded a pariah in international capital markets, Ecuador is back. On 17 June Ecuador issued US$2bn of 10-year bonds with a yield of 7.95%. In the interim years China has become Ecuador’s biggest foreign creditor (probably accounting for at least 60% of Ecuador’s foreign public debt), as international banks and traditional multilaterals have either avoided or lent little to the country since December 2008, when it decided to implement its ‘selective default’ on its foreign debt to commercial creditors.
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