From Blog the Debt
Ecuador Defaults on Illegitimate Debt
By Hayley Hathaway, Jubilee USA Network
On Friday, Ecuador’s President Rafael Correa announced that his government would default on payments on some of its commercial debts. The decision comes in response to detailed recommendations from the Public Debt Audit Commission, an independent commission formed by the Ecuadorian government in 2007 in response to calls from civil society. The commission examined Ecuador’s debts over the period more than a year and its 172-page report (Click here for Spanish) evaluates 30 years of Ecuador’s debt and documents hundreds of examples of irregularities and claims of illegitimacy.