LatinFinance - March/April 2015 - 11
improve living conditions for Ecuador's poorest.
"For Correa, it's a matter of urgency to reduce the unequal
economic conditions of his country and to reduce poverty," says a
financial markets source, who preferred not to be quoted on political
matters. "He has approached this in a very professional way as an
economist, and in a very scientific way. He's a very technical, resultsoriented person."
Correa, 51, owes his strong grasp of economics to a master's
degree from the Université Catholique de Louvain in Belgium and a
PhD from the University of Illinois. He went
on to teach economics at San Francisco de
Quito University, and retains a professorial
Watch President
knack for discussing the subject clearly with
Correa's full interview
the help of some colorful anecdotes.
with LatinFinance at
www.latinfinance.com/Correa
He served a four-month stint as Ecuador's
minister of economy and finance in 2005
and the next year was elected president.
Fast forward to late 2008, and Correa's
Ecuador had become a financial markets pariah when the president
said the country would not service a bond coming to maturity in
2012, characterizing it as "illegal". A default on a 2030 debt followed
soon after, although the sovereign kept up payments on its 2015
bond, which was sold under different conditions.
Shortly after, the President travelled to Cuba, to mark the
country's celebration of the 50th anniversary of its revolution. The
guest list was a short one, and Correa's presence only served to
aggravate investors' worries.
Ecuador's bonds traded at 20 cents to 30 cents on the dollar
as investors came to terms with the sovereign's rationale: A
commission appointed by Correa declared the two bonds to be
CORREA: Markets must
serve society
March/April 2015 - L ATINFINA NCE.COM 11
http://www.latinfinance.com/Correa
http://www.LATINFINANCE.COM
LatinFinance - March/April 2015
Table of Contents for the Digital Edition of LatinFinance - March/April 2015
Contents
LatinFinance - March/April 2015 - Cover1
LatinFinance - March/April 2015 - Cover2
LatinFinance - March/April 2015 - Contents
LatinFinance - March/April 2015 - 2
LatinFinance - March/April 2015 - 3
LatinFinance - March/April 2015 - 4
LatinFinance - March/April 2015 - 5
LatinFinance - March/April 2015 - 6
LatinFinance - March/April 2015 - 7
LatinFinance - March/April 2015 - 8
LatinFinance - March/April 2015 - 9
LatinFinance - March/April 2015 - 10
LatinFinance - March/April 2015 - 11
LatinFinance - March/April 2015 - 12
LatinFinance - March/April 2015 - 13
LatinFinance - March/April 2015 - 14
LatinFinance - March/April 2015 - 15
LatinFinance - March/April 2015 - 16
LatinFinance - March/April 2015 - 17
LatinFinance - March/April 2015 - 18
LatinFinance - March/April 2015 - 19
LatinFinance - March/April 2015 - 20
LatinFinance - March/April 2015 - 21
LatinFinance - March/April 2015 - 22
LatinFinance - March/April 2015 - 23
LatinFinance - March/April 2015 - 24
LatinFinance - March/April 2015 - 25
LatinFinance - March/April 2015 - 26
LatinFinance - March/April 2015 - 27
LatinFinance - March/April 2015 - 28
LatinFinance - March/April 2015 - 29
LatinFinance - March/April 2015 - 30
LatinFinance - March/April 2015 - 31
LatinFinance - March/April 2015 - 32
LatinFinance - March/April 2015 - 33
LatinFinance - March/April 2015 - 34
LatinFinance - March/April 2015 - 35
LatinFinance - March/April 2015 - 36
LatinFinance - March/April 2015 - 37
LatinFinance - March/April 2015 - 38
LatinFinance - March/April 2015 - 39
LatinFinance - March/April 2015 - 40
LatinFinance - March/April 2015 - 41
LatinFinance - March/April 2015 - 42
LatinFinance - March/April 2015 - 43
LatinFinance - March/April 2015 - 44
LatinFinance - March/April 2015 - 45
LatinFinance - March/April 2015 - 46
LatinFinance - March/April 2015 - 47
LatinFinance - March/April 2015 - 48
LatinFinance - March/April 2015 - 49
LatinFinance - March/April 2015 - 50
LatinFinance - March/April 2015 - 51
LatinFinance - March/April 2015 - 52
LatinFinance - March/April 2015 - 53
LatinFinance - March/April 2015 - 54
LatinFinance - March/April 2015 - 55
LatinFinance - March/April 2015 - 56
LatinFinance - March/April 2015 - 57
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LatinFinance - March/April 2015 - 68
LatinFinance - March/April 2015 - Cover3
LatinFinance - March/April 2015 - Cover4
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