In The Search For Money

ECUADOR - Report 29 Sep 2014 by Magdalena Barreiro
Executive SummaryThe fiscal deficit for 2014 will reach $7272 million or 7% of GDP –the highest since year 2000. The government has secured 74% of financing as of September and needs to raise $3 billion more before year end to cover total financing needs that are at $11.3 billion.In this context President Correa has rejected no source of financing albeit far from the government’s idiosyncrasy. Swapping gold with Goldman Sachs, issuing global bonds in Wall Street, and authorizing Petroecuador to receive $1000 from debt sold by Noble Americas in the Cayman Islands and committing to purchase u...

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