Newsletter
Weather
Community
English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
China
World
Opinion
Business
Sci-Edu
Culture/Life
Sports
Photos
 Services
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 Search
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping
English websites of Chinese embassies




Home >> Business
UPDATED: 11:22, February 06, 2007
Ecuador will not pay "illegitimate" debt, economy minister says
font size    

Ecuador's Economy Minister Ricardo Patino said on Monday that his country has set up a commission to audit Ecuador's 10.3 billion-U.S.-dollar external debt, and that Ecuador will not pay debt the commission declares "illegitimate."

The commission, which will report to the government on Tuesday, has analyzed all the debt issued by the nation from 1970 until June 2006. It said that Ecuador has paid creditors 127.3 billion dollars, or 156 percent of the money the country borrowed over that time.

The special commission investigating foreign debt said that debt acts as a brake on economic development. As much as a third of the money disbursed is not being used, and high interest rates are being paid for it.

The government has to pay 135 million U.S. dollars in interest on Thursday of next week, an obligation which has a 30-day grace period.

Patino said that he plans to reduce Ecuador's debt service to 28 percent from 38 percent of current budget spending, and to spend more on social welfare.

Source: Xinhua


Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this


   Recommendation
- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
Dic

Manufacturers, Exporters, Wholesalers - Global trade starts here.
Versions:
Copyright by People's Daily Online, all rights reserved