Ecuador Makes History With $650 Million Payment to Bondholders

  • President says nation had `serious problems' meeting payment
  • Government signs oil pact with Schlumberger for liquidity

Ecuador repaid $650 million of its foreign debt due Tuesday, marking the first time in the South American nation’s more than 180-year history that it’s repaid global bonds on time, even as a collapse in the OPEC country’s crude prices saps liquidity needed to keep the government operating normally.

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