Correa, China y la Asamblea, afectados por el informe de la deuda

(Published originally in Mediato) El informe borrador –el cual aún no es concluyente– de la Contraloría sobre la deuda pública, presentado el 14 de marzo pasado, es un triunfo estratégico para el presidente Lenín Moreno. No solo permite responsabilizar al expresidente Rafael Correa del despilfarro fiscal, sino que Moreno también puede hacer corresponsable a la… Read More Correa, China y la Asamblea, afectados por el informe de la deuda

Ecuador habló: La minería es peor que Correa

(Published originally in Mediato) El referéndum del 4 de febrero fue significativo. En su nivel más obvio, le dio al presidente Lenín Moreno una sólida victoria política y al expresidente Rafael Correa una derrota asombrosa. Pero más allá de las reacciones en Quito, los votantes en las zonas mineras de la Sierra y el Oriente… Read More Ecuador habló: La minería es peor que Correa

Bailout Risk Grows for Ecuador After Worst Earthquake in Decades

By Nathan Gill April 19, 2016 (Bloomberg) — Before a 7.8-magnitude earthquake struck Ecuador on Saturday, the South American nation’s finances were already in tatters as the government struggled to meet payments to municipal authorities, oil companies and even cancer hospitals. Cut off from global bond markets, President Rafael Correa must now find enough money to… Read More Bailout Risk Grows for Ecuador After Worst Earthquake in Decades

Venezuela Bonds Trapped by Oil’s New Normal as Relief Rally Ends

By Nathan Gill (Bloomberg) — This year’s climb in crude prices, however slight, brought relief to Venezuelan and Ecuadorean bondholders after last year’s crash decimated the oil producers’ revenue and prompted concern they were running short of cash. Now, the pessimism is back. While New York oil futures have surged 36 percent from a six-year… Read More Venezuela Bonds Trapped by Oil’s New Normal as Relief Rally Ends

Correa’s Back-Track on Tax Bills Fails to Halt Ecuador Protests

By Nathan Gill (Bloomberg) — Ecuador President Rafael Correa’s attempt to defuse nationwide protests by back-tracking on two controversial tax proposals failed to prevent opposition supporters marching for a ninth straight day Tuesday. Protesters gathered in the capital city, Quito, less than 24 hours after Correa called for calm and announced he would delay plans… Read More Correa’s Back-Track on Tax Bills Fails to Halt Ecuador Protests

JPMorgan Says Not to Worry as Ecuador Promotes Digital Currency

By Nathan Gill (Bloomberg) — Ecuador’s home-grown digital currency is nothing to fear. At least that’s the conclusion of analysts from JPMorgan Chase & Co. to Credit Suisse Group AG and Nomura Securities International Inc. The country’s bonds fell last week after the government ordered banks to start accepting a new electronic tender it created… Read More JPMorgan Says Not to Worry as Ecuador Promotes Digital Currency

Ecuador Requiring Banks to Offer Electronic Currency Services

By Nathan Gill (Bloomberg) — Ecuador, which uses the U.S. dollar as its official currency, will require banks to offer services tied to a government-created electronic coin. Lenders with assets greater than $1 billion as of Dec. 31 have 120 days to fulfill the requirement, while smaller banks will get as long as a year,… Read More Ecuador Requiring Banks to Offer Electronic Currency Services

South America’s Commodity Rout Spurs Public Spending on Housing

By Nathan Gill (Bloomberg) — Enrique Perez, who’s been building homes for most of his life in Ecuador, is finally going to make one for himself. Perez is an unlikely beneficiary of the plunge in crude prices. That prompted Ecuador, an OPEC nation, to offer mortgage subsidies to people like Perez, a construction worker. Ecuador… Read More South America’s Commodity Rout Spurs Public Spending on Housing

Ecuador Approves New Labor Law With Changes to Public Pensions

By Nathan Gill (Bloomberg) — Ecuador’s congress approved changes to the Andean nation’s labor laws on Tuesday, including the removal of a government subsidy meant to cover almost half of state pensioners’ monthly payments. Lawmakers approved the measure proposed by President Rafael Correa in a 91-to-29 vote, while government supporters and political opposition groups looked… Read More Ecuador Approves New Labor Law With Changes to Public Pensions

GMO Settles With Ecuador Over Bonds That Defaulted in 2009

By Katia Porzecanski and Nathan Gill (Bloomberg) — Grantham, Mayo, Van Otterloo LLC, a Boston-based money manager, dismissed its lawsuit against Ecuador over debt the nation defaulted on six years ago. The parties agreed to dismiss the suit filed in December in Manhattan federal court, agreeing that each side would pay its own costs and… Read More GMO Settles With Ecuador Over Bonds That Defaulted in 2009

Ecuador GDP Growth Slowed in 2014 for Third Year on Oil Decline

By Nathan Gill     (Bloomberg) — The rate of growth in Ecuador, South America’s seventh biggest economy, slowed for a third year in 2014 as falling crude oil prices and a refinery shutdown offset gains from higher fishing and electricity output. Gross domestic product rose 3.8 percent in 2014 from a year earlier, less than the… Read More Ecuador GDP Growth Slowed in 2014 for Third Year on Oil Decline

Ecuador Discloses Loans From Wall Street, China as Oil Sinks

By Nathan Gill (Bloomberg) — Ecuador got $924 million in previously undisclosed loans from Deutsche Bank AG and other lenders, showing the extent of President Rafael Correa’s effort to line up a record amount of financing as oil prices plunge. The country took $181 million in two separate loans from units of Deutsche Bank and… Read More Ecuador Discloses Loans From Wall Street, China as Oil Sinks

Bondholder Love for Ecuador’s Correa Is Questioned: Andes Credit

By Nathan Gill (Bloomberg) — President Rafael Correa’s resourcefulness in the face of sinking oil prices has made Ecuador a favorite among emerging-market bond investors this year. To AllianceBernstein and Capital Economics, Correa needs to do more to ensure that the goodwill doesn’t prove fleeting. The nation’s debt securities returned 4.9 percent as Correa said… Read More Bondholder Love for Ecuador’s Correa Is Questioned: Andes Credit

Ecuador’s Dollar Reliance Worsens Impact of Oil, Correa Says

By Nathan Gill(Bloomberg) — President Rafael Correa, a former economics professor critical of Ecuador’s use of the dollar as its official currency, said the greenback is worsening the impact of falling crude prices as liquidity in the economy contracts. The reliance on the dollar means the government can’t print more money to increase the amount… Read More Ecuador’s Dollar Reliance Worsens Impact of Oil, Correa Says

China Rescues Ecuador Budget From Deeper Cuts as Crude Drops

(Originally published by Bloomberg News) By Nathan Gill            (Bloomberg) — Ecuador, an OPEC nation that relies on crude for about a quarter of revenue, obtained enough financing from China to avoid deeper budget cuts even as its oil price fell below $40 a barrel, Finance Minister Fausto Herrera said. The Latin American country expects total… Read More China Rescues Ecuador Budget From Deeper Cuts as Crude Drops

Ecuador Gains $5.3 Billion Credit Line From China as Oil Tumbles

By Nathan Gill (Bloomberg) — The Export-Import Bank of China granted Ecuador a $5.3 billion credit line after a slide in oil to an almost six-year low prompted spending cuts for the OPEC member. Finance Minister Fausto Herrera said in a statement published today in the president’s official gazette that the Andean nation will use… Read More Ecuador Gains $5.3 Billion Credit Line From China as Oil Tumbles