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The Ecuador Lawsuit.

Bloomberg – Correa Weighs Bond From ‘Monsters’ as Ecuador Seeks Growth

Date: Mar 3, 2011

Ecuador President Rafael Correa seeks to lure investors who are willing to finance projects in the country. In 2008 he referred to bondholders as “true monsters”:

Under Correa, Ecuador defaulted on $3.2 billion of bonds and required oil companies including Spain’s Repsol YPF SA and Italy’s Eni SpA to renegotiate contracts as part of his “21st century socialist” agenda.

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