From Bloomberg: Correa Defaults on Ecuador Bonds, Seeks Restructuring.
Ecuadorean President Rafael Correa halted payment on foreign bonds he calls “illegal” and “illegitimate,” putting the South American country in default for a second time in a decade.
The government won’t make a $30.6 million interest payment by Dec. 15, when a monthlong grace period expires, Correa told reporters in his office in Guayaquil. The $510 million bonds due in 2012 plunged to 23 cents on the dollar from 31 yesterday and 97.5 cents three months ago.
“I have given the order that interest payments not be made,” Correa said. “The country is in default.”
As if anyone didn't expect that!
The only interesting question is how many Italian pensioners got screwed. Every time the Lat-Am bonds default, the Italian pensioners take it doggy-style.
Whenever there's a Lat-Am default, the Italian banks are there behind it. And they've sold the crap to the unsuspecting pensioners.
Every fuckin' decade. Like a perfectly crafted Swiss time piece.
You think they might have figured it out by now?
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