Not Gonna Do it!!!
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December 13, 2008, 10:41 am
Filed under: bailout, politics, Uncategorized | Tags: Ecuador, Hugo Chavez, Rafael Correa, Venezuela
Filed under: bailout, politics, Uncategorized | Tags: Ecuador, Hugo Chavez, Rafael Correa, Venezuela
The Ecuadorian President, Rafael Correa, has said enough is enough, and announced Monday that he is not paying the interest payment due. Ecuador owes about $10 Billion to foreign investors…anyone else curious who exactly those investors are? Or what the terms of the loans are? Well I sure am, although I’ve been searching for a bit and didn’t find anything. I have discovered that President Correa has some colorful friends…the Venezuelan President Hugo Chavez…who is vowing to help. God only knows where that will take them!
If you’ve got info to add, please do!
http://www.cnn.com/2008/WORLD/americas/12/12/ecuador.default/index.html
http://news.bbc.co.uk/2/hi/business/7780984.stm
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Although Chavez is a little too bellicose, loves the sound of his own voice, and has fallen into the old cliche of hanging massive portraits of himself all over the place, his democratically elected administration (he’s faced way more elections than any recent US pres) has acted in a very progresssive way to redistribute wealth from the extremely rich, to the grindingly poor areas of the country. Correa seems a little more considered and calm, and therefore the western media don’t go after him so much, so keeping his head down has probably been a shrewd move.
Comment by kennedy121 December 13, 2008 @ 11:22 amThe debt he’s not going to pay back will have come from western governments. The same happens in Africa. A lot of people say things like, ‘well, we’ve been giving them aide for decades and look where it gets them’. Each year $39 bn is sent to Africa in aide. What is more interesting though is that about $150bn LEAVES Africa to service interest on debt to the west. So yeah, western govs have a nice little racket going on there.