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Weekly Report - 19 March 2009 (ISSN 1741-7422)

ECUADOR: Correa's aggression pays dividends

The Spanish-Argentine energy firm, Repsol-YPF, signed a new deal with the government last week to remain in Ecuador, five months after President Rafael Correa withdrew his threat to expel the company for failing to agree to 'migrate' from an operating to a service contract. Buoyed by successfully playing hardball with Repsol, Correa announced a moratorium on a US$135m interest payment on Ecuador's Global 2030 bond issue that fell due on 15 March. He said his government would present a final plan for buying back one-third of its external debt in mid-April at a cut-down price.

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