Ecuador Won't Default on Debt Illegally, Foreign Minister Says

Foreign Minister Maria Isabel Salvador said Ecuador won't illegally default on its close to $4 billion in sovereign debt, Bloomberg reported today. While a debt audit called by President Rafael Correa has revealed evidence that crimes were committed when the debt was contracted, any decision to repudiate the debt will go ahead in accordance with the law, she said in a radio interview with Quito-based Ecuador Inmediato yesterday. “Ecuador will never act outside the law,” she said. “We are subject to the established rules of the game.” She didn't say whether Ecuador's position includes staying current on coupon payments that the South American country has met since Correa took office in January of last year. Read more.