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Andean Group - December 2014 (ISSN 1741-4466)

ECONOMY: Little Christmas cheer at the bottom of the barrel

“We’re prepared, but that doesn’t mean that we’ll get out of a crisis without costs,” President Correa said in Ecuador’s coastal city of Guayaquil on 25 November. Correa was responding to the latest fall in oil prices. Since then, however, they have fallen again to their lowest level in more than five years. This leaves Ecuador in the position of being unable to balance its 2015 budget, for which it relies on crude for about a third of its financing. The government is set to carry out a tax reform, issue more bonds and go cap in hand to China for yet another loan in the coming months.

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