Ecuador will not Issue Foreign Bonds this Year, says President Correa

Ecuador has no plans to issue foreign debt bonds this year for the first time since it declared a default on the equivalent of 3,200 million dollars in bonuses in 2008, said Thursday President Rafael Correa.

“There is no pilot plan, we have found funding, we have no desire to return to the maternal arms of the international financial market,” said the president during a meeting with foreign correspondents.

In recent years, Ecuador has covered its financing needs through bilateral loans, especially from China.

Ecuador declared a moratorium in 2008 on part of its commercial debt to buy it back then at market prices. (LO)