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Ecuador Foreign Debt

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BUSINESS
August 2, 2000
Ecuador's debt restructuring appeared to be a "done deal" after the country's bond negotiating team met with a group of about 50 bondholders and Wall Street analysts in New York, an investor at the meeting said. Ecuadorean officials began a weeklong debt restructuring roadshow aimed at convincing bondholders that reducing the Andean country's debt burden would help rebuild its recession-hit economy. Last week, Ecuador proposed reducing its debt burden 40% under a proposal to exchange $6.
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BUSINESS
August 2, 2000
Ecuador's debt restructuring appeared to be a "done deal" after the country's bond negotiating team met with a group of about 50 bondholders and Wall Street analysts in New York, an investor at the meeting said. Ecuadorean officials began a weeklong debt restructuring roadshow aimed at convincing bondholders that reducing the Andean country's debt burden would help rebuild its recession-hit economy. Last week, Ecuador proposed reducing its debt burden 40% under a proposal to exchange $6.
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BUSINESS
September 27, 1999 | Bloomberg News
President Jamil Mahuad said Ecuador will pay about half the interest due on $98 million in Brady bond payments due Tuesday. Mahuad, speaking during a nationwide television address, said the country won't pay interest on bonds that are backed by U.S. Treasuries. The decision means Ecuador will pay interest on its interest-due bonds and won't pay on the country's discount bonds.
BUSINESS
October 4, 1999 | From Associated Press
President Jamil Mahuad urged his countrymen to remain calm in the face of demands by foreign creditors for immediate repayment of $1.4 billion of debt. On Friday creditors rejected Ecuador's pleas for more time to renegotiate $6 billion in U.S.-guaranteed Brady bonds and demanded immediate repayment of $1.4 billion. Ecuador, mired in its worst economic crisis in 70 years, defaulted on the bonds Thursday, missing a $44.5-million interest payment.
BUSINESS
October 4, 1999 | From Associated Press
President Jamil Mahuad urged his countrymen to remain calm in the face of demands by foreign creditors for immediate repayment of $1.4 billion of debt. On Friday creditors rejected Ecuador's pleas for more time to renegotiate $6 billion in U.S.-guaranteed Brady bonds and demanded immediate repayment of $1.4 billion. Ecuador, mired in its worst economic crisis in 70 years, defaulted on the bonds Thursday, missing a $44.5-million interest payment.
WORLD
November 27, 2006 | Chris Kraul, Times Staff Writer
In a potential blow to already-weakened U.S. influence in Latin America, leftist economist Rafael Correa appeared to be sweeping to victory Sunday in Ecuador's presidential election. A native of Guayaquil, Correa received about 65% of the vote, overpowering banana magnate and perennial candidate Alvaro Noboa, who garnered 35%, according to an official count of 20% of the ballots cast. Full results won't be known until today or Tuesday. Noboa has not conceded.
NEWS
May 23, 1988
Ecuadorean President-elect Rodrigo Borja said he plans to restore relations with leftist Nicaragua and believes that Cuba should be welcomed back as a member of the Latin American community. Borja, a 52-year-old Social Democrat who takes office in August, said in an interview in this week's Newsweek magazine that nothing could be ruled out in his handling of Ecuador's burdensome foreign debt.
WORLD
November 26, 2006 | Chris Kraul, Times Staff Writer
Divided and disenchanted, Ecuadoreans vote today for a new president, choosing between two populists who seemed to spend more time during the campaign trading insults than offering ideas. Right-wing billionaire Alvaro Noboa accused his opponent, economist Rafael Correa, of being a puppet of Cuba's Fidel Castro and Venezuela's Hugo Chavez who doesn't have the guts to admit he is a communist.
WORLD
October 16, 2006 | Chris Kraul, Times Staff Writer
Banana billionaire Alvaro Noboa edged left-wing economist Rafael Correa in the presidential election's first round Sunday, setting up a runoff between two candidates who are bitter rivals and polar opposites, according to partial results. With nearly two-thirds of the ballots counted, Noboa had 26.8% of the vote and Correa 22.4%, according to electoral authorities.
BUSINESS
September 27, 1999 | Bloomberg News
President Jamil Mahuad said Ecuador will pay about half the interest due on $98 million in Brady bond payments due Tuesday. Mahuad, speaking during a nationwide television address, said the country won't pay interest on bonds that are backed by U.S. Treasuries. The decision means Ecuador will pay interest on its interest-due bonds and won't pay on the country's discount bonds.
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