8/18/09 – Financial Times Blog – China wants oil, Ecuador wants money…

“China wants oil, Ecuador wants money…”
Financial Times Blog, August 18, 2009
“But critics argue the country’s problems go back further than this, blaming the leftist government, led by Rafael Correa, for over-ambitious social spending that was only sustained by the commodities boom. Either way, a default on $3.2bn worth of foreign debt last year has somewhat limited the country’s options. Ecuador argues the loans, undertaken by a previous government, were illegitimate, but this has left it seeking help from places other than the international bond markets.”
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