Ecuador News

Mr Correa said he had given the order not to approve a debt interest payment due on Monday, describing the international lenders as "monsters". The president said the some of Ecuador's $10bn debt was contracted illegally by a previous administration....

Correa, heading a high-ranking delegation, paid an official visit to Tehran earlier this month after he received an invitation from his Iranian counterpart, Mahmoud Ahmadinejad. During his stay in Tehran, Ecuadorian officials attended an exhibition organized by the Iranian Defense...

Ecuador owes about $10.6bn in foreign debt, or about 20 per cent of its gross domestic product (GDP), with international bonds making up $3.86bn of its foreign debt.   Some of the bonds, with expiration dates in 2012, 2015 and 2030, originated as...

Ecuador's flirtation with a $10.3 billion foreign debt default may force bondholders into restructuring, giving the government access to new capital as debt markets seize amid the global economic downturn, analysts said Wednesday. Ecuador delayed $30.6 million in interest payments...

The Ecuadorian government's decision is "not in harmony with the spirit of dialogue, friendship and cooperation... between Brazil and Ecuador," said Amorim amid the First International Conference on Biofuels in Sao Paulo, "We called our ambassador back...anyone who knows something...

Ecuador vowed Friday to delay a $30.6 million interest payment on its foreign debt while it investigates possible irregularities in the contracts, sending its benchmark bonds and credit rating tumbling as default fears soared.

Correa says he has ordered Ecuador's oil minister to cut off all production by Agip, a subsidiary of Eni SpA, Italy's largest natural gas and oil company. Agip produces 28,000 barrels of oil a day from Ecuador's Amazon jungle...The president...

President Rafael Correa said on Tuesday Ecuador is ready to face the consequences of the global financial crisis next year.     Correa told reporters that Ecuador's economy remained sound in 2008. According to a report by the Economic Commission for Latin...