Saturday, December 13, 2008

Ecuador defaults

Deadbeats:
Ecuador is to default officially on billions of dollars of foreign debt it considers "illegitimate", says President Rafael Correa.
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 that some of Ecuador's $10bn debt was contracted illegally by a previous administration.
That's OK, we'll just repossess Miss Ecuador:

Call it a down payment on that "illegitimate" $10 billion.

1 comment:

  1. So, what if we simply quit lending to countries without functional economies?

    ReplyDelete