| CAMBRIDGE, Mass., April 9
CAMBRIDGE, Mass., April 9 Ecuadorean President
Rafael Correa said on Wednesday that his country would honor the
terms of the $700 million bond offering it plans to make to
foreign investors this year, its first international debt sale
since a $3.2 billion default in 2008.
Correa, a leftist who has been highly critical of the United
States and powerful financial institutions, said the terms of
the proposed bond sale would be very different than those of the
debts defaulted on during the global financial crisis.
"If we are participating in international markets we, as
usual, are going to honor this debt," Correa told an audience at
Harvard University in Cambridge, Massachusetts, just outside
He said the oil-producing Andean nation, which disclosed its
planned offering on Sunday, had other financial options.
He said the prior default, which followed his 2007 election,
had in part resulted from what he described as unfair terms.
"We made an audit of this external debt and the things that
we found were really, really terrible," Correa said, noting that
debt terms had limited the country's ability to spend on its own
people. "For this reason we stopped paying this debt. But
legitimate debt has been always honored by our country and by my
Correa in February asked his cabinet to resign after his
party lost control of Quito, the nation's capital, in an
election. Analysts described the defeat as a rebuke to his
administration's perceived interference in local governments.
(Reporting by Scott Malone; Editing by Cynthia Osterman)