August 3, 2020

Ecuador’s creditors accept debt restructure plan

Quito (AFP) – Ecuador’s creditors have voted in favor of a restructuring plan for $17.4 billion of debt that will see the South American country’s capital and interest payments reduced, the government of President Lenin Moreno said on Monday.The deal means the debt will be reduced by more than £1.5 billion with the interest rate falling from 9.2 to 5.3 percent.Moreno wrote on Twitter that “the required majority” of votes had been secured to finalize the renegotiation.Last month Ecuador announced that it had secured the support of 53 percent of creditors and formally presented its restructure p…


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