By Nathan Gill and John Follain July 5, 2015 (Bloomberg) — Pope Francis arrived in Ecuador Sunday, starting a nine-day visit to South America in which he’s expected to focus on the poor and challenge policies on oil drilling that damage the environment.“In the words of the gospel, we can find the keys that will… Read More Pope Francis Brings Focus on Poor to South America
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
By Nathan Gill (Bloomberg) — Ecuador, the world’s biggest grower of flavored beans used in fine chocolate, will probably lose about 15 percent of this year’s cocoa crop after heavy rains hurt farms in the Andean nation’s coastal region, the National Cocoa Exporters Association said. Anecacao, as the association is known, reduced its 2015 forecast… Read More Ecuador Cocoa Forecast Cut to 230,000 Tons After Rains Hit Crops
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
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
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
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
By Nathan Gill and David Wethe (Bloomberg) — Andes Petroleum Ecuador Ltd. and Repsol SA, Ecuador’s two biggest foreign oil producers, are shelving plans to drill exploratory wells amid a payment dispute with the OPEC nation’s government, according to two people with direct knowledge of the matter. Andes, owned by China National Petroleum Corp. and… Read More China’s Andes Said to Join Repsol in Ecuador Oil Drilling Freeze
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
Velasco, Alejandro. Barrio Rising: Urban Popular Politics and the Making of Modern Venezuela. Oakland, California: University of California Press, 2015.… Read More Barrio Rising: Urban Popular Politics and the Making of Modern Venezuela: Review
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
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 that… Read More GMO Settles With Ecuador Over Bonds That Defaulted Six Years Ago
By Katia Porzecanski and Nathan Gill (Bloomberg) — Six years ago, Ecuador President Rafael Correa’s government denounced the 10 percent in annual interest the country paid on its bonds as “usury.” So when the 51-year-old former economics professor was willing to pay 10.5 percent in a sale of notes this month, it raised speculation the… Read More World’s Costliest Bond Sale in Decade Shows Ecuador Cash Crunch
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
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
Citation Gomezjurado Zevallos, Javier. Quito: Historia Del Cabildo y La Ciudad. Primera edición. Quito, Ecuador: Javier Gomezjurado Zevallos, 2015.
By Nathan Gill (Bloomberg) — Union Andina de Cementos SAA, Peru’s biggest cement supplier, expects growth in exports will help offset weakening demand from local miners. Overseas sales of clinker, an ingredient in cement production, will surge 18 percent to about 500,000 metric tons this year, Ricardo Rizo Patron, chairman of the company, said Wednesday… Read More Peru Top Cement Maker Unacem Says Exports to Offset Mining Slump
By Katia Porzecanski and Nathan Gill (Bloomberg) — Ecuador sold $750 million of five-year bonds overseas to meet its financing needs amid a plunge in the price of crude oil. The country sold the securities to yield 10.5 percent, according to a person familiar with the matter, who isn’t authorized to speak publicly and asked… Read More Ecuador Said to Sell $750 Million of Five-Year Bonds at 10.5%
(Originally published by Bloomberg News) By Nathan Gill (Bloomberg) — When President Rafael Correa defaulted on most of Ecuador’s overseas debt in 2008, he disparaged bondholders as “true monsters.” Now, he’s increasingly dependent on their goodwill. Ecuador hired Citigroup Inc. to arrange meetings with investors to gauge demand for what… Read More Monsters of Bond Market Now Correa Go-To as China Is Not Enough
Citation Espinosa, Carlos R. El Inca barroco: política y estética en la Real Audiencia de Quito, 1630-1680. Quito, Ecuador: FLACSO Ecuador, 2015.
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
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
By Nathan Gill (Bloomberg) — Nicolas Maduro and Rafael Correa are both socialist disciples of the late Venezuela President Hugo Chavez, but only one is managing to convince bondholders he’s got the ability to weather the collapse in oil prices. While Chavez’s handpicked successor Maduro is struggling to ward off a default, Ecuador counterpart Correa… Read More Bondholders Embracing Chavez’s Disciple in Ecuador: Andes Credit
(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
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
Citation Chamorro Espinosa, David. Regreso y expulsión de la Compañia de Jesús de la República del Ecuador 1850-1852. Quito: Quito Dinediciones, 2014.
Citation D’Amico, Linda. Etnicidad y globalización: las otavaleñas en casa y en el mundo. Atrio. Quito, Ecuador: FLACSO Ecuador : Abya-Yala, 2014.
Citation Olson, Christa J. Constitutive Visions: Indigeneity and Commonplaces of National Identity in Republican Ecuador. University Park, Pennsylvania: The Pennsylvania State University Press, 2014.
Citation Bray, Tamara L., and José Echeverría Almeida. “The Late Imperial Site Of Inca-Caranqui, Northern Highland Ecuador: At The End Of Empire.” Ñawpa Pacha, Journal of Andean Archaeology 34, no. 2 (2014): 177–99.
Citation Jamieson, Ross W. “Hacienda Ruins as Sites of Difficult Memory in Chimborazo, Ecuador.” Journal of Social Archaeology 14, no. 2 (June 2014): 224–43.
Charles Walker left few stones unturned in The Tupac Amaru Rebellion, an impressive analysis of Spain’s largest colonial rebellion. This essay briefly examines two original arguments and two secondary claims made by Walker that help shape our understanding of an uprising that ultimately reached levels of total violence rarely seen in human history. Walker’s “seemingly… Read More The Tupac Amaru Rebellion: Charles Walker
A collection of essays on the construction and emergence of ethnic identities in the Ecuadorian Andes, edited by Marc Becker. The authors of the volume examine Afro-Ecuadorians and indigenous communities through the lens of politics, culture, religion, gender, and the environment to better understand the array of social problems facing the country. French sociologist Manuela… Read More Indigenous and Afro-Ecuadorians Facing the Twenty-First Century: Marc Becker
Not even the endangered white-bellied spider monkey can escape the lingering consequences of Ecuador President Rafael Correa’s decision to default on $3.2 billion of debt four years ago. … Read More White-Bellied Spider Monkey Losing to $18 Billion of Oil