US$ Global 2015: The 'Legal' Timebomb?

Ecuador's government is widely expected to announce formal default on its US$ Global 2030 this weekend, following the expiry of a month-long grace period of its US$135mn coupon payment. What is then likely to follow - possibly as early as next week - is an official proposal by the authorities, with the aim of ironing out a restructuring deal with holders of the 'illegal' US$ Global 2030 and US$ Global 2012 bonds.

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