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?

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