Ecuador won't pay foreign debt interest
Ecuador won't pay foreign debt interest - CNN.com
"If we have to confront international lawsuits, we will confront them and, I repeat, I assume all responsibility," he said. "I could not permit the continued payment of a debt that, in any light, is immoral and illegitimate."
Correa said he was preparing a restructuring plan to be presented to creditors within a few days, and he chafed at criticism of how the money has been spent.
...
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Two things came to my head with this...
1. A few bonds will probably be in trouble with this default, as many countries have a very high rating for their debt, and this default will affect them.
2. When a country defaults, does its FICO score drops 200 points too? 😀
Ecuador won't pay foreign debt interest - CNN.com
- Story Highlights
- President Rafael Correa calls foreign debt "immoral and a betrayal of the country"
- Correa: $7 billion has been spent on debt interest, but principal remains same
- President "assumes responsibility" if nation faces international lawsuits
"If we have to confront international lawsuits, we will confront them and, I repeat, I assume all responsibility," he said. "I could not permit the continued payment of a debt that, in any light, is immoral and illegitimate."
Correa said he was preparing a restructuring plan to be presented to creditors within a few days, and he chafed at criticism of how the money has been spent.
...
**********************************
Two things came to my head with this...
1. A few bonds will probably be in trouble with this default, as many countries have a very high rating for their debt, and this default will affect them.
2. When a country defaults, does its FICO score drops 200 points too? 😀
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