Ecuador resorts to technical moratorium in foreign debt payments
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Fri, 14 Nov 2008 20:21:29 GMT |
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Quito - Ecuador opted Friday to make use of a 30-day technical moratorium for payment of 30.6 million dollars of interest on its foreign debt that were due Saturday, Economy Minister Maria Elsa Viteri said. During the moratorium, Ecuador is set to evaluate a report on potential irregularity in some portions of the country's sales of bonds, the minister said. "There is no lack of financial resources," Viteri said. She noted that the irregularities, if confirmed, could lead to a definitive lack of payment on the so-called Global 2012 bond. Previous Ecuadorian governments issued Global 2012 bonds worth a total of 1.25 billion dollars. The country was set to pay 30.6 million dollars in interest both on May 15 and November 15.
Copyright DPA
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