July 16, 2008
Quito | REUTERS
Declarations.
In a conference call with Wall Street analysts, Fausto Ortiz, former Finance Minister, said yesterday that his successor in office, Wilma Salgado, could jeopardize the economic policy of Ecuador in issue of external debt.
The president Rafael Correa, who has worried the markets with its intention to restructure the country's foreign liabilities, appointed last week as head of the Ministry of Finance to Salgado, an economist radical discourse on the "illegitimacy" of debt. “ "It will not be the Minister (Salgado) to the President who will bring major risks of taking action against (the) debts. That is the major concern of the next few weeks while she is in office. "
Global Bonds Ecuador, bringing together a capital of 3,800 million dollars, behaved a downward after statements by former staff member, despite predict that Salgado could be replaced by Maria Elsa Viteri, his close collaborator when he was dispatching Finance.
"Correa need results, the current minister did not provide management and government would lose control over what is happening in Finance," he said.
Despite Correa has threatened repeatedly with not paying debts will be declared illegitimate by a commission of experts established last year, Ortiz considered unlikely a waiver of coupons and even spoke of the Representative has studied buy back part of bonds.
Analysts believe that what was said by Correa on debt responds to a more objective electoral one economic, as it seeks to adopt a new constitution.
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