“Ecuador is approaching holders on a one-by-one basis with offers to pay at least 50 cents on the dollar for the notes, according to two of the people. Ecuador bought back more than 90 percent of its defaulted bonds in 2009 at 35 cents on the dollar, months after defaulting on $3.2 billion of securities. Faced with a swelling budget deficit, President Rafael Correa said last month that he’s looking to sell bonds to international investors this year, the first time since the default, after relying mostly on China for financing during the past several years. Correa, a 51-year-old former economics professor, called the bonds “illegitimate” when he halted payments in 2008.”
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