When the rhetoric didn’t go away, however, the bonds started to fall – and then Correa’s finance minister, Ricardo Patino, held a disastrous meeting in Quito with Citibank clients, in which he talked openly of offering them perhaps 40% on the dollar in a future restructuring. The price of the bonds fell to the 70s, and the markets braced themselves for a default on February 15, when a $135 million coupon payment was due on the 2030s.
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