The Economist – Ecuador, Argentina and the IMF

“Ecuador, Argentina and the IMF”
The Economist, September 10, 2009
“First to find this out is Ecuador. High oil prices allowed Rafael Correa, its socialist president, to ramp up spending on social programmes and to win a second term at an election in April. … It risks running out of willing lenders. In December and March it defaulted on bonds totalling $3.2 billion, which it argued were ‘illegitimate and illegal’.”
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