Financial Times FT.com

Ecuador's leader fuels default fear

By Naomi Mapstone

Published: November 17 2008 02:00 | Last updated: November 17 2008 02:00

Rafael Correa, Ecuador's leftwing president, has heightened fears that the Andean nation will default on parts of its $10bn (£6.8bn) foreign debt, saying an internal audit due out this week will determine if the debt is "illegitimate". "If there are sufficient grounds for illegitimacy, we won't pay this debt," he said. Naomi Mapstone, Lima

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