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July 05, 2008
Quito | REUTERS
The president of Ecuador, Rafael Correa said on Saturday that evaluates state as "illegitimate" part of the South American country's foreign debt, following an investigation by a commission of the Government.
Correa said his government would revoke loans considered "illegitimate" or credits acquired by former corrupt governments.
"We are considering lawsuits against these traitors of the motherland and also international action to declare this illegitimate debt," Correa said during his weekly radio, without specifying which parts of the debt the Government considers "illegitimate".
Correa said the commission found that several former government officials renegotiated in the form of unjustified borrowing abroad to benefit creditors.
The commission disclosed its findings in the coming weeks, added the representative.
An important member of the commission said in June that the group would recommend the Government to seek agreements with its creditors, but not ruled out a suspension of payments if not reached any exchange or to renegotiate the debt "illegitimate".
The commission said it had evidence about the legitimacy of some bonds. Ecuador Global Bonds maturing in 2012, 2015 and 2030 grouped capital close to 3,800 million dollars, according to data from the Ministry of Finance.
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