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Andean Group - January 2016 (ISSN 1741-4466)
ECUADOR ECONOMY: Making history by paying debts
President Rafael Correa boasted last month that Ecuador had repaid a bond “for the first time in history”. This might not sound like anything much to boast about from Correa, whose ‘selective default’ on bonds in 2008 and 2009 pushed Ecuador into the arms of China in order to fund major infrastructure development works undertaken by his government, but it is genuinely ground-breaking. Ecuador first defaulted in 1832 and has not fully honoured its sovereign debt obligations since.
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