Ecuador to miss coupon payment, pay during grace period

The bad news? Ecuador's missing the February 15 coupon payment on its 2030 bonds: it "lacks the funds", according to deputy economy minister Fausto Ortiz. The good news? Ecuador will make the payment, within the 30-day grace period. Net-net? Bonds up a smidgen. Bloomberg's Patrick Harrington has all the details. (Where's Lester Pimentel?)

This news is unsurprising: It's a good way of ratcheting up the rhetoric without actually defaulting. And the next couple of coupon payments are relatively small. Could there be no default before August?

Posted by Felix at 17:16 EST