President Correa of Ecuador stated that he would not pay a $30.6 million coupon on the sovereign’s 2012 bonds that were due on December 15. This move means that holders of the 2012 notes will seek an acceleration of full payments of the $510 million in bonds, and also triggered cross default clauses on its 2015 and 2030 notes. This brings the total amount of technical default to $3.8 billion.
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