When it comes to dealing with external debt, Ecuador is something of a trendsetter. In 1999 the Andean nation became the first country to default on its Brady bonds; in 2000 the Ivory Coast followed, as did Argentina a year later.

Although Quito surprised markets yesterday by making a $135m (€100m, £69m) bond payment on time - having warned that it would use a 30-day grace period - a threat by Rafael Correa, the leftwing president, to restructure Ecuador's $10bn debt stands. With that comes the possibility that Quito will set another dangerous example by becoming the first government to default on its debt even though it has the ability to pay.