Ecuador asks bondholders for grace period
Ecuador’s government on Wednesday asked overseas bondholders to defer interest on debt maturing between 2022 and 2030.
"The Ministry of Economy and Finance communicated a request for consent from bondholders with maturities in the years 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029 and 2030, which total around US$17bn," the ministry said in a statement.
If the authorizations are obtained at the request of President Lenín Moreno, Ecuador would postpone until August 15 the payment of interest due by that date.
In the short term the treasury would see relief of about US$810mm, with which the government will face the emergency caused by COVID-19 and the collapse of oil prices, Ecuador’s main export.
The ministry also said that between bondholder approval and August 15, the Moreno government would seek agreements with bondholders to define new terms for its external debt.
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