Quito Ecuador English Newspapers Text

Benefits of Literature Review In Nursing Research

So when reading the papers, its important to remember it might not be as it seems. Also, as is the case throughout latin america, the papers tend to print the goriest bloodiest picture on the front page. While ive noticed the cuenca papers to do this less than the national ones, they still do it. Seeing the effects of a crime or an accident doesnt mean it happens more than anywhere else you just get to see the fine details more here. If your spanish isnt quite ready to handle reading the paper, you can always use the old standby: google translate. There is a feature to translate a whole page just copy the url from the address bar on your browser and paste it in the box to be translate. When you click translate it will bring up a fully translated page so you can more or less get the point of the news.

The commission recommended that ecuador default on $3.9 billion in foreign commercial debtsglobal bonds 2012, 2015 and 2030the result of debts restructured in 20 after the countrys 19 default. Although ecuador currently has the capacity to pay, dropping oil prices and squeezed credit markets are putting president rafael correas plans to boost spending on education and health care in jeopardy. Of handling the 20 restructuring without ecuadors authorization, leading to the application of 10 and 12 percent interest rates. The commission evaluated all commercial, multilateral, government to government and domestic debt from 1976 2006.

Commercial debt, or debt to private banks, made up 44% of ecuadors interest payments in 2007, considerably more than the 27% paid to multilateral institutions such as the international monetary fund  imf. But the report also lambasted multilateral debt, saying that many imf and world bank loans were used to advance the interests of transnational corporations. Ecuadors military dictatorship 1974 1979 was the first government to lead the country into indebtedness.

The commission found that usurious interest rates were applied for many bonds and that past ecuadorian governments illegally took other loans on. Debt restructurings consistently forced ecuador to take on more foreign debt to pay outstanding debt, and often at much higher interest rates. Federal reserves late 1970s interest rate hikes constituted a unilateral increase in global rates, compounding ecuadors indebtedness. If president rafael correa follows the commissions recommendationswhich is far from a certaintyecuador could default on some portion of its foreign debt, becoming the first latin american country to do so since argentina in 2001.

But despite all the hints at a default, it seems likely that ecuador  will use the commissions report as leverage for restructuring the countrys debt. Commission president ricardo patiño indicated as much to bloomberg news, but said that ecuador would not settle for a 60% reduction, a number that had earlier been mentioned. Ecuador announced that it would delay paying $30.6 million in interest on the global bonus 2012, taking advantage of a month long grace period. The announcement sent the global financial universe into a panic, with standard and poors cutting ecuadors risk rating to c.