Ecuador to miss payments amid spending pressure

Ecuador, Lenin Moreno, president, restructuring, grace period, default
By Oliver West
26 Mar 2020

Distressed South American sovereign Ecuador faces a tall task to renegotiate its debt payment schedule in time to avoid a hard default, said market participants, after it delayed around $200m of coupons this week, taking advantage of a 30 day grace period.

The government made a $325m maturity payment due on Tuesday, but, facing liquidity pressures amid increased health spending to combat Covid-19, took advantage of breathing room afforded by the grace on three other bonds.

Finance minister Richard Martínez said that the government did not want to default, especially as ...

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