Political Risk Latin America Blog @PolRiskLatam

Correa Opens Door to Bond `Monsters’ He Shunned as Ecuador Seeks Expansion

Posted in News and Articles, Political Risk by politicalrisklatam on March 3, 2011

by Helen Murphy, Alexander Emery and Nathan Gill for Bloomberg News, March 2nd, 2011.

Ecuador’s President Rafael Correa, who in 2008 called bondholders “true monsters,” is reviewing proposals from banks to sell bonds and is seeking to lure private investors to finance infrastructure and energy.

Correa, speaking at the Bloomberg Ecuador Summit in Quito yesterday, said the Andean nation is the most stable politically it has been since 1996 and is ready to seek “responsible” private investment to boost economic growth above the government’s 5.1 percent forecast for this year. The government is listening to proposals from banks interested in helping the country sell debt to cover financing needs, Finance Minister Patricio Rivera said.

“We know perfectly well that Ecuador needs local and foreign investment to develop, but this must be done in a way so it benefits the country,” Correa, 47, said at the summit. “We welcome private investment. Ask any foreign investor if he lost money here.” (continue reading… )

 

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