19 April 2016

Bailout Risk Grows for Ecuador After Worst Earthquake in Decades

By Nathan Gill
April 19, 2016 (Bloomberg) -- Before a 7.8-magnitude earthquake struck Ecuador on Saturday, the South American nation’s finances were already in tatters as the government struggled to meet payments to municipal authorities, oil companies and even cancer hospitals. Cut off from global bond markets, President Rafael Correa must now find enough money to rehouse thousands.

As volunteers continue to rescue victims from the rubble of collapsed homes and buildings on Ecuador’s Pacific coast, doubts are growing about the country’s ability to pay for the reconstruction. The nation is already in its worst recession since the financial system collapsed in the late 1990s, and international reserves are at their lowest levels in almost seven years.

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16 April 2016

Ecuador Quake Death Toll Rises as World Leaders Offer Support

By Benjamin Bain and Nathan Gill
April 16, 2016 (Bloomberg) -- World leaders from the Vatican to Washington offered support to Ecuador as casualties mounted following one of the strongest earthquakes to strike the South American country in decades.

By Sunday evening, the number of dead had climbed to at least 246, from 77 earlier in the day. At least 2,527 were injured, the government said. President Rafael Correa flew to the epicenter in hard-hit Manabi province after cutting short a trip to Rome, for a conference at the Vatican, in the aftermath of the 7.8-magnitude earthquake.

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12 April 2016

77-Year-Old Wall Street Favorite to Face Fujimori in Peru Runoff

By Nathan Gill and John Quigley
April 12, 2016 (Bloomberg) -- The victory by Pedro Pablo Kuczynski, a former finance minister, for second place in Sunday’s Peruvian president elections sets up a showdown between two business-friendly candidates, part of a regional backlash against left-wing politicians.

Kuczynski, a 77-year-old Oxford-trained political economist who’s spent more than 50 years championing debt control and free trade, won 21 percent of vote with 96 percent of the ballots counted, according to the electoral office. He will face Keiko Fujimori, who won 39.8 percent, in a second-round vote on June 5.

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08 April 2016

Latin America Oil Producers Call for Action to Improve Prices

By Nathan Gill and Andrew Willis
April 8, 2016 (Bloomberg News) -- Oil-producing countries must take the necessary steps to stabilize the global crude market in a bid to improve prices, Ecuador Foreign Minister Guillaume Long said on behalf of Latin American nations after a gathering in Quito.

Waiting for the market to balance itself would be “catastrophic,” Ecuador Oil Minister Carlos Pareja said earlier, before the meeting on Friday. Ecuador, OPEC’s smallest member, hosted the talks ahead of a summit of producers in Doha, Qatar, on April 17.

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