The Economist – Ecuador, Argentina and the IMF
Date: Sep 11, 2009
[archive-title]“Ecuador, Argentina and the IMF”
The Economist, September 10, 2009[/archive-title]
“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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