November 17, 2008 (LPAC)--On Nov. 15, one day after his government missed a $30.6 million interest payment on its Global 2012 bond, Ecuadorian President Rafael Correa denied that the missed payment represented a moratorium on the foreign debt.

Rather, he said, his government has serious questions as to the legitimacy of the foreign debt. Speaking on his weekly radio show, he said he would use the 30-day grace period which the debt contract allows, to further study the situation, and would consult the finding of a special commission which has spent months auditing the foreign debt, and whose final report will be released on Nov. 20.

The commission's preliminary findings have already been "truly horrifying," Correa said, with more than enough proof of illegal and abusive behavior by foreign creditors.

Immediately after the government missed the payment, Standard & Whores rating agency cut Ecuador's rating to CCC-, three levels above default. But Correa responded that what S&P, and other "financial speculators and creditors" do, doesn't interest him in the least. "We shall act in the country's interest, and [on behalf] of the common good." That is the only important criteria, he said.