Ecuador debt prices plunge after default declared

NEW YORK, Dec 12 (Reuters) - Ecuador's sovereign dollar-denominated Global 2012 bond fell more on Friday after President Rafael Correa said the government would not pay a $31 million coupon payment on its debt, declaring default.

The 2012 bond ECUGLB12=RR were bid 10.25 points lower at 25.313, driving the yield up to 90.643 percent. The bonds were bid down 4.25 points in price prior to the announcement. (Reporting by Daniel Bases, Editing by Chizu Nomiyama)