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Ecuador in the spotlight as government seeks to renegotiate debt on its terms

by Eurodad

8 May 2007

The small and often overlooked Latin American country of Ecuador has been in the media spotlight over recent months. It has many rich country governments, multilateral institutions and the international capital markets in a state of anxiety about what steps the government will take to honour (or not) regular payments on its external debt burden. This follows the election of Rafael Correa to power in November 2005. Correa’s leftist government was elected after promises not to sign a controversial free-trade agreement with the United States and a commitment to reduce the country’s external debt burden of US$10.97bn. More

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