Ecuador Defaults on it's debt

Ah, haven't heard this in a while, Ecuador defaults:

Ecuador is to default officially on billions of dollars of foreign debt it considers "illegitimate", says President Rafael Correa.

Mr Correa said he had given the order not to approve a debt interest payment due on Monday, describing the international lenders as "monsters".

The president said the some of Ecuador's $10bn debt was contracted illegally by a previous administration

Their debt is 1/5th of GDP and now the threat is they will be cut off from any foreign funds, investors.

40% of their revenue is oil (which is currently in the price tank).

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