[pana_burda]

Some will understand. Who cares about the idiots. We're partying now dude. It's too late to do anything about anything. We are just sharing the knowledge for anyone who might care, for their own personal enjoyment of knowing.

We owe it to the popcorn munchers out there, who are watching, just for the fun of it. These are my friends now, and everyone else can go to hell.

You are always free to make an ass out of yourself and to insist on spitting upwards yet you´d be surprised the actual LOW number of people, who are able to share most of the "views" you hold as personals, from the country you speak on behalf of. You know, just for the fun of it .....

[toast]

The hand of God is involved in world events as well as in the mundane life of ordinary people through out the world. Anyone who thinks there is no God is a fool. Evil people neither seek nor know him. His presence is not with them but with the seeker.

[Cid_Yama]

<i>then stop trying to convert everyone to your ideology</i>

mos,

Not trying to convert anyone. Just passing the time, spreading the truth, and enjoying myself immensely for what time we have left.

Especially, when it gets someone like you all bent out of shape.

Fighting evildoers who are spreading lies and destruction is the dream of every child who has picked up a comic book. And it can be quite fun.

[Cid_Yama]

A presidential commission recommended Thursday that Ecuador default on almost 40 percent of its foriegn debt after finding "illegalities and illegitimacies" in the contracts.

President Rafael Correa said he would seek to halt payment on those debts and hold foreign investment banks and ex-government officials responsible, but fell short of declaring a default.

An audit made public Thursday advises Correa's government to default on $3.9 billion in three types of bonds issued as part of a debt restructuring in 2000. It says the negotiations lacked transparency and caused "incalculable" damage to Ecuador's economy.

The report also accuses former Ecuadorean officials and investment banks including U.S.-based J.P. Morgan and Salomon Smith Barney, now part of Citigroup Inc., of profiting from the restructuring.

Correa said former government officials had committed "treason," and that bankers "compulsively induced, threatened, bribed and pressured with all their might to push their loans and make their juicy commissions." He says the ex-officials and banks involved _ not Ecuador's government _ should therefore be the ones to reimburse bondholders.
link

[frankthetank]

Awesome. I hope they do. These banksters need a taste of their own medicine. Ecuador doesn't need their phony money anyways. They are a pretty self sufficient country.

[Sixstrings]

Viva la Revolucion.

[BlueGhostNo2]

I think this is interesting not because Ecuadors debt is important. But because reports of this put the idea of countries defaulting to the fore of peoples minds.

Be interesting to see how much coverage it gets.

[pup55]

"illegalities and illegitimacies" in the contracts.

This is a really dangerous development, by the way.
What they're saying is: "The banks that loaned us all of this money are run by such corrupt assholes, we should not be obligated to pay it back".

If this line of logic is correct..... the entire system, which evolved based on some level of trust... is going to come to a screeching halt.

[elcondor]

The truth has not ever dare to face.':twisted:'
the money they have stolen your rulers.
is now saying that they do not want it back.
because the contracts illegal. Well
You are self-sufficient.
Try to look up Kiva.com
The Argentine selling their 7-cent BONDS
to get credit ':-D'

[idiom]

I'm sorry, did I hear you say you want to be liberated?

[elcondor]

I want to be free under a rainbow.
not under a red cloth

[ReverseEngineer]

A presidential commission recommended Thursday that Ecuador default on almost 40 percent of its foriegn debt after finding "illegalities and illegitimacies" in the contracts.

President Rafael Correa said he would seek to halt payment on those debts and hold foreign investment banks and ex-government officials responsible, but fell short of declaring a default.

An audit made public Thursday advises Correa's government to default on $3.9 billion in three types of bonds issued as part of a debt restructuring in 2000. It says the negotiations lacked transparency and caused "incalculable" damage to Ecuador's economy.

The report also accuses former Ecuadorean officials and investment banks including U.S.-based J.P. Morgan and Salomon Smith Barney, now part of Citigroup Inc., of profiting from the restructuring.

Correa said former government officials had committed "treason," and that bankers "compulsively induced, threatened, bribed and pressured with all their might to push their loans and make their juicy commissions." He says the ex-officials and banks involved _ not Ecuador's government _ should therefore be the ones to reimburse bondholders.
link

Basically what this means is that we just got a new Iceland/Argentina, and one has to figure pretty soon ALL the 3rd world nations are going to go into default. Now, how many countries can the IMF Bailout here? Not any different really than an individual country bailing out its banks really.

The interesting spin on this one is legally holding the Banksters liable for the debt by charging them with theft, corruption, fraud, negligence, what have you. Every country in the WORLD can use this idea to sue the Rothschilds, the Rockefellers, the Morgans et al for every dime they have. Brilliant on the part of the Ecuadorians!

There is no better way to get out of a contract than to show that the other party breached the good faith of the contract FIRST through illegal means.

It is time for the US Goobermint to file suit in the name of the Taxpayer against all the Banksters, and drop the bill into their laps, where it belongs. We take every dime they have, and what they can't pay off now they can work of in one of EU's Cockroach Cuisine Debt Prisons.

Justice.

Reverse Engineer

[elcondor]

[align=center]all claiming justice
no one observes the laws[/align]

[dbuckley]

The interesting spin on this one is legally holding the Banksters liable for the debt by charging them with theft, corruption, fraud, negligence, what have you.

The best word is "treason". Thats a bad crime to be charged with in just about every juristiction.

I've been idly musing for some time how the recipients of bailouts that fail to act in the country's of bailing's best interest could be appropriately slapped, and this is exactly the conclusion I came to.

Taking the peoples bailout money intended to rescue the economy and pocketing it, yep, sounds like treason to me.

[elcondor]

w revolution
Just pay debts
Just pay the oil
Just pay bananas
Just pay the gas
We want everyone to be free
':roll:'':roll:'':roll:'':roll:'':roll:'':roll:'':roll:'

[Cid_Yama]

Ecuadorean President Rafael Correa says he will default on the country's foreign debt payments, declaring the loans tainted by criminal activity.

Correa issued a statement Friday saying he will fulfill a campaign pledge by not making a payment due to international lenders, citing a steep drop in remitted income from Ecuadorean expatriates living abroad. He also claimed there is evidence the country's previous governments had committed various crimes in selling the debt to bondholders such as pension funds, hedge funds and other overseas investors, The Washington Post (NYSE:WPO) reported.

The default could provide another jolt to already rattled emerging market investors in the United States and elsewhere, who have pulled billions of dollars out of the market sector in recent months.

Correa is holding back a $31 million interest payment after hinting earlier that the South American nation might make it. But speaking to reporters in Ecuador's commercial center of Guayaquil Friday, Correa said it would not be made and declared the country in default.
link

[Sixstrings]

From the article:

citing a steep drop in remitted income from Ecuadorean expatriates living abroad

Hello, Mexico?

[eXpat]

Situation worsening:
Ecuador suspends interest payment to mull default

By GABRIELA MOLINA , 02.14.09, 11:31 AM EST

Ecuador won't pay bondholders $135 million in interest while it decides whether to default on 27 percent of its foreign debt, deemed "illegitimate" by in audit, a top official said Saturday.

The cash-strapped country will take advantage of a 30-day grace period that allows it to defer payment on $2.7 billion in so-called Global 2030 bonds while it works to find "an integral solution to the issue of the debt," Minister Maria Elsa Viteri said.

"When we have a defined proposal ready, Ecuador will contact bondholders," she told reporters.

http://www.businessweek.com/ap/financialnews/D96BF5MG0.htm
Ecuador's Correa orders windfall oil tax collected

QUITO, Ecuador (AP) -- Ecuador's president is ordering his government to collect taxes from French and Spanish oil companies that he says failed to pay duties on windfall oil income.

President Rafael Correa didn't say how much Paris-based Perenco SA and Madrid-based Repsol YPF owed or what would happen if they failed to pay, but noted he wouldn't let any international body interfere with collection.

A 2007 decree requires foreign oil companies to pay his government 99 percent of the unexpected income they earned from record oil prices.

Oil analyst Luis Calero says the collection procedure could give companies 48 hours to pay or have assets seized.

No one was available to comment on Correa's comments Saturday at Perenco's or Repsol's Quito offices.

I can't emphasize that enough, "48 hours to pay or have assets seized".

http://www.forbes.com/feeds/ap/2009/02/14/ap6053532.html
So another country about to nacionalize...

[onlooker]

https://srsroccoreport.com/ecuadors-oil ... the-world/
Ecuador’s Oil Industry Catastrophe… To Spread Around The World