Weekly Report - 18 September 2008 (ISSN 1741-7422)

ECUADOR | External debt. A government commission auditing Ecuador's debt to determine “illegitimacy" delivered its final report to President Rafael Correa this week, though the details have not yet been made public. Correa said it contained some “hair-raising discoveries", and that the government was considering taking legal action. “We knew many things, but putting them all together gave me a cold shiver and indignation to see how they sold our beloved country," Correa said. He said that it was important to analyse carefully how the “illegitimate" debt could be legally contested. Ecuador's total external debt was just over US$10bn in June (21% of GDP). Correa also said recently that if the price of oil should fall to below the level budgeted for 2009 (US$85 per barrel), the repayment of Ecuador's external debt would be sacrificed, but not investment in social projects.

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