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“Great news for Ecuador!” President Lenín Moreno tweeted
“Great news for Ecuador!” President Lenín Moreno tweeted; "This is a milestone for Ecuador that opens further doors for the international community," said
Yazar: Zack Smith
Yayınlanma: 4 Ağustos 2020 22:46
Güncellenme: 16 Kasım 2024 19:03
Ecuador's President Moreno speaks of a "milestone", negotiations with creditors over a debt restructuring have paid off.
Ecuador has secured the support of a majority of its creditors to reschedule some $ 17 billion of government debt. "This is a milestone for Ecuador that opens further doors for the international community," said Ecuadorian President Lenin Moreno.
This deal will reduce the debt burden by $ 1.5 billion. In addition, among other things, the yield on bonds will be reduced from 9.3 to 5.2 percent. The deal also includes doubling the repayment period to a good twelve and a half years; as well as a five-year grace period for principal and two years for interest payments.
“Great news for Ecuador!” President Lenín Moreno tweeted
“Great news for Ecuador!” President Lenín Moreno tweeted. “This will free up funding for social protection and economic recovery.” The country’s bond maturing in 2028 steadied at about 50 cents on the dollar on Monday; up from a low of 20 cents on the dollar reached in March. When Ecuador initially put its plan to bondholders on July 6; a group involving BlackRock; Ashmore and AllianceBernstein accepted the offer; but a minority dug in their heels; saying the terms “must be improved and strengthened to provide equitable treatment to all parties”. T Rowe Price and Amundi were among members of the opposing group. You might also be interested in:Argentina: The latest offer from creditors has been rejected
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