Ecuador Reduces Debt Costs

Ecuador has helped to lower its debt servicing costs by an estimated $20 million a year by successfully retiring part of its most expensive debt. Ecuador, Monday, bought back $740 million of its 12% global 2012 issue, leaving only $510 million of the bonds outstanding in the market. A $400 million loan from the Latin American Reserve Fund and another $340 million from the December sale of 10-year bonds were used to finance the operation.