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Tuesday, December 16, 2008

Rafael Correa has enough friends

Ecuadorian President Rafael Correa, the smarter, less ridiculous version of Hugo Chavez, has decided to send his creditors the sovereign debt equivalent of jingle mail, because fuck it why not.
Ecuador's refusal to meet the $30.6m payment on the country's Global 2012 bond, despite the fact that it has $5.65bn in cash reserves sent dollar-denominated debt prices down sharply.
Also Correa doesn't like the fact Ecuador uses the US dollar as its currency, which it adopted in 2000 under another administration. Even though Ecuador effectively imports US monetary policy, this apparently is not loose enough, so he wants a new shitty currency so people can run screaming from it. Correa has a Ph.D. in economics.

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