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Ecuador Political News

Ecuador ploughs on with $17.4 billion debt revamp with major creditor support- Reuters

Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of $17.4 billion of its external bonds, with its largest group of creditors backing the proposal.

Under the proposed deal – unchanged from the government’s earlier proposal – 10 existing bonds maturing between 2022 and 2030 would be swapped for three bonds due in 2030, 2035 and 2040, as well as a past due interest bond maturing in 2030.

This would provide debt relief of more than $10 billion over the next four years and $6 billion more between 2025-2030, and deliver a nominal haircut of 9%.

To read the full article on Reuters, click here.

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#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon. https://t.co/7TqQ6sJhik
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the… https://t.co/soQ1qreULA
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer: https://t.co/5eac0lRmN7
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
https://t.co/7TqQ6sJhik
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars. https://t.co/zT0dlozk5R

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