Ecuador's Correa Doesn't Rule Out Debt Moratorium, Efe Reports

By Lester Pimentel
July 5 (Bloomberg) -- Ecuadorean President Rafael Correa said he doesn't rule out a ``unilateral moratorium'' or an ``aggressive renegotiation'' of the country's foreign debt, Efe reported.
Correa said in an interview the government has serviced its debts since he took office in January because it has had the money, Efe reported. He said his government could halt interest payments or renegotiate the debt at any moment should the country run short of funds, Efe reported.
Correa said he would not pay foreign or domestic debt that was considered illegitimate, according to Efe. He said the government's top priority was to protect the ``fundamental rights of Ecuadoreans,'' Efe reported.
Correa told Efe he ``never'' said he would stop paying Ecuador's $10 billion foreign debt as a campaign promise or since he's been in office.