Ecuador's Debt Audit: Implications in the Global Economic Crisis

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December 11, 2008

Ecuador's Debt Audit: Implications in the Global Economic Crisis

Ecuador recently became the first country to undertake an examination of the legitimacy and structure of its foreign debt. The Commission for the Comprehensive Audit of the Foreign Debt (Comisión de Auditoría Integral de la Deuda Externa, CAIC) recently published the results of this investigation, and the government is considering various policy options based on information revealed in the study. The Minister of Economy and Finance of Ecuador, Maria Elsa Viteri, discussed the implications of the Ecuadorian debt situation in the context of the global economic crisis, including the negative impacts of deregulation of the financial markets and the lack of appropriate established international mechanisms for auditing developing country debt. Remarks by Neil Watkins, Executive Director of Jubilee USA Network and Mark Weisbrot, Co-Director of CEPR.