LatinNews Daily - 21 July 2020

*Ecuador’s government has presented bondholders with a formal proposal to restructure the country’s external debt, to be voted on by 31 July. The offer is the same one agreed with a large group of bondholders earlier in July, which would reduce the US$17.4bn capital owed across ten bonds by US$1.5bn, while extending maturities and decreasing interest rates, reportedly saving the government approximately US$16m in the next ten years. According to Ecuador’s economy ministry, 53% of bondholders have already agreed to these terms, but an average of 66% approval (and 75% on one particular bond, expiring in 2024) is needed to finalise the deal.

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