Ecuador has refused to pay "immoral" interest on external debt.

On Friday, Ecuadorian President Rafael Correa announced that the country refuses to pay 30.6 million dollars in interest on the global bonds, transfers Agency France Presse.
According to Correa, he will seek to restructure foreign borrowings, but as a president can not allow Ecuador to pay "immoral and illegal" debts. The Head of State noted that he was ready to judicial actions in connection with this decision.
Indeed, Ecuador has declared default for the third time in the last 14 years, notes the agency. Also in November, the Government has reported that challenge the validity of debts amounting to 3.8 billion dollars, accounting for more than a third of the total external debt.
Ecuador's foreign debt is estimated at 10.6 billion dollars, or about 20 per cent of gross domestic product.
It adds the agency, Correa did not specify whether the ad touches of default payments on loans from other countries and international organizations.