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Ecuador Craziness Datapoint of the Day
Today is clearly "crazy things people try to do while in default on their debt" day. First Friendfinder Networks tries to IPO, and now Ecuador is trying to borrow more money:
Ecuador is seeking $2.6 billion in credits from regional multilateral lenders...
Correa said his government is working on securing $1.5 billion in credits from the Inter-American Development Bank, $600 million from the Andean Development Corporation and $480 million from the Latin American Reserve Fund...
Correa's announcement to seek loans comes only weeks after the country defaulted on $3.8 billion in global bonds.
Under no lending-into-arrears policy that I've ever heard of should this be remotely acceptable, and I hope and trust that the IDB and its partners send Ecuador away with a flea in its ear: this is probably just an example of the tone-deafness of Ecuador's current administration. But if both Friendfinder Networks and Ecuador get the money they're looking for, expect default rates to start skyrocketing further than anybody currently fears. Why not default, if you still have access to funds thereafter?
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