The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Tuesday, February 02, 2010

Ecuador Foreign Debt In November Down 19% To $13.7B; 27% Of GDP

QUITO (Dow Jones)--Ecuador's total foreign debt in November was $13.70 billion, a 19% decrease from $16.97 billion in the same month of 2008, the central bank said.

The amount is equivalent to 27% of Ecuador's $51.39 billion gross domestic product forecast for 2009.

According to the bank, the country's public debt totaled $7.53 billion in November, down 25% from $9.98 billion in the year-on-year comparison.

The November public debt figure is equal to about 15% of GDP.

Private sector debt, meanwhile, stood at $6.17 billion, down 12% from the $6.99 billion posted in November 2008.

The figures have been rounded.

In December 2008, the Ecuadorean government refused to pay the interest on its 2012 and 2030 bonds, which it said were "illegal" and "illegitimate."

On April 20, the government launched a modified Dutch auction for those bonds.

In June the country said that it bought back about 91% of its defaulted bonds, spending around $900 million.

Last month the government said that it has retired an additional $55 million in defaulted 2012 and 2030 Global bonds, in an operation with Italian holders, who, for regulatory reasons, were unable to take part in the previous modified Dutch auction.

No comments:

Post a Comment