Saturday, December 13, 2008

BBC NEWS | Business | Ecuador defaults on foreign debt

BBC NEWS | Business | Ecuador defaults on foreign debt: "Ecuador is to default officially on billions of dollars of foreign debt it considers 'illegitimate', says President Rafael Correa.

Mr Correa said he had given the order not to approve a debt interest payment due on Monday, describing the international lenders as 'monsters'."

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Maybe GM and Chrysler should try the Ecuadorian Gambit: refuse to pay your debts and denounce your creditors as monsters.

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