President Rafael Correa assured lenders on Saturday that Ecuador will pay back many of its loans even if it is backing away from debts it considers illegitimate.
The assurance came as Correa said his government may seek new financing from multilateral lenders because problems caused by the plummeting price of oil "have surpassed our expectations."
The government announced this month that it would stop paying interest on two sorts of bonds that a presidential commission determined were illegitimate. Those moves prompted international ratings agencies to slash Ecuador's bond rating, as well as reducing that of the Corporacion Andina de Fomento, a …
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