The bad news? Ecuador’s missing the February 15 coupon payment on its 2030
bonds: it "lacks the funds", according to deputy economy minister
Fausto Ortiz. The good news? Ecuador will make the payment, within
the 30-day grace period. Net-net? Bonds up a smidgen. Bloomberg’s Patrick
Harrington has all the details. (Where’s Lester Pimentel?)
This news is unsurprising: It’s a good way of ratcheting up the rhetoric without
actually defaulting. And the next couple of coupon payments are relatively
small. Could there be no default before August?